Jamaica's banking sector is beginning the phased withdrawal of cheques, with the first stage taking effect today, September 1.
The Bank of Jamaica, working with the Jamaica Bankers Association, says Jamaican-dollar cheques valued at one million dollars or more, including manager's cheques, will no longer be accepted, issued or processed through the national clearing system.
Cheques meeting the threshold will be rejected and returned to the person presenting them.
The change does not apply to foreign-currency cheques or cheques drawn on overseas banks.
Tax Administration Jamaica is also implementing the changes. From today, the agency will no longer accept cheques from government entities or manager's cheques valued at one million dollars or more.
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