Payment By Credit Cards To Be done In Haitian Gourde

From 3rd January Payment By Credit Cards To Be Made In Gourdes In Haiti As Per The Bank Of The Republic Circular

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The Bank of the Republic of Haiti sent out a circular to credit card companies and banks, late November informing them that all operations in Haiti territory paid by credit card will be in gourdes, exclusively, regardless of the place the credit card is issued. The circular has been issued in accordance with the 14th May 2012, Act, paragraph 5 of Article 83 of financial institutions and banks. Procedures for credit card billing transactions are determined by the circular. On 3rd January 2013, provisions of the circular will be enforced.

Provisions Mentioned In The Circular

All operations performed on the national territory by credit card must be paid exclusively in gourdes. On using the credit card as payment for transaction, on the POS, the amount displayed will be in gourdes. It is in gourdes that the billing transactions will take place on Republic of Haiti's territory. This is applicable to all credit cards.

Companies dealing with credit cards and banks will have to ensure that affiliated professionals and merchants follow the provisions mentioned in the circular very strictly. Credit card companies and banks, at each of their branches will have to visibly display the rates at least at two points for the protection of consumers.

Penalty On Non Compliance

If the circular is not complied with, a penalty will be charged. A fine of 50,000 gourdes will be levied on the financial institution, for violation on failure to provide information related and requested as per the circular.

Period of penalty will extend from the day the information is requested or from the day the offense is made till the date on which the BRH agents are furnished with the information.

Administrative Action

The practice in question will lead to immediate cessation if the BRH finds any infringement. A letter of reprimand and administrative sanction will be taken against the financial institution that has offended. For every fact noted, a fine of 100,000 gourdes may be imposed.

If a customer documents a complaint, a restitution of funds paid by client could be recommended without any prejudice of appeals open to the client. Fine deductions will be made from the account balance of the bank by BRH.

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Read more: Haitian Banking, Haitian gourde, Finance, Bank of the Republic of Haiti, Banking, Credit, Payment, Credit Card, BRH, Business & Finance

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