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African Manager
01-07-2025
- Business
- African Manager
Inactive bank accounts: Funds to be transferred to public Treasury
Starting July 1, 2025, funds held in inactive bank accounts will be transferred to the State Treasury, in accordance with a provision included in the 2025 Finance Law. In this context, banking law expert Mohamed Nekhili explained on Express FM that Article 39 of the 2025 Finance Law stipulates that banks must transfer to the State Treasury all bank accounts that have been inactive for over 15 years, without exception. He clarified that any client whose account has had no financial activity for 15 years or more will see their funds transferred to the public treasury as of July 1, after all affected clients were notified before April 30, and their names published in the Official Gazette of the Republic of Tunisia (JORT). Clients were given the opportunity to visit their bank until June 30 to carry out at least one transaction to keep the account active. 'The account holder can simply deposit 10 dinars to preserve their funds,' he said. He added that if the client does not regularize their situation, the banks will proceed to transfer the account balance to the State Treasury.
Muscat Daily
24-03-2025
- Business
- Muscat Daily
GCC imposes anti-dumping duties on Chinese electrical products
Duties will be effective June 8, 2025, for five years Abu Dhabi, UAE – The Gulf Cooperation Council (GCC) countries have announced the imposition of final anti-dumping duties on imports of electrical connections, switches, and plugs originating from China. The duties will apply to products with a voltage not exceeding 1000 volts and are set to take effect from June 8, 2025, lasting for a period of five years. The decision, which was made in response to a complaint filed by the Gulf industry, concerns imports classified under customs codes 853669, 853650, 85444221, and 85444291. These actions are in line with the GCC's Unified Law for Anti-Dumping, Countervailing, and Safeguard Measures, as outlined in Royal Decree No. (2015/20). The details of the decision were published in the Official Gazette of the Technical Secretariat for Combating Harmful Practices, No. (47), and are available on the General Secretariat of the GCC's official website. This move aims to protect local industries within the GCC from unfair trade practices and maintain a level playing field in the market.
