Candidates should make a preliminary repayment of 25% of owed quantity
His Highness Sheikh Hamdan container Mohammed container Rashid Al Maktoum, Crown Royal Prince of Dubai and also Chairman of The Exec Council of Dubai, provided Exec Council Resolution No. (53) of 2022 modifying Write-up No. (25) of Exec Council Resolution No. (5) of 2021, which refers to Exec Law of Regulation No. (1) of 2016 on the Financial Rules of the Federal Government of Dubai.
Write-up No. (25) relates to repayment of impressive public funds by instalments, where the head of a federal government entity or their authorised agent has the authority to permit repayment by instalments of any type of public funds laid out in a checklist sent by such entity to the Division of Money (DoF).
According to the Resolution, repayment of public funds by instalments undergoes a number of problems, consisting of: public funds should schedule by the day on which the application for repayment by instalment is sent, and also the quantity of public funds to be paid by instalments should not be much less than the minimum quantity recommended by the DoF. Even more, the candidate should confirm their failure to pay the complete impressive quantities in one repayment. The candidate should likewise make a preliminary repayment of at the very least 25% of the impressive quantity of public funds asked for to be paid by instalments.
According to the modified Resolution, if a candidate can not make the minimal repayment of 25% of the impressive quantity prior to making an application for the repayment by instalments, the head of the federal government entity or their authorised agent might minimize the minimal repayment after examining the factors behind the demand.
The various other problems that stay unmodified are: The instalment duration should not go beyond 5 years, or the duration in which the general public funds schedule, whichever is much shorter. Instalments should be paid by financial institution cheques or by offering various other assurances or safety and security as recommended by the DoF. Any kind of various other problems established by the DoF should be pleased.
According to the Resolution, a candidate for repayment by instalments must, within 15 days from being informed of the choice authorizing the application for repayment by instalments, send the assurances or safety and security recommended by the DoF in regard of the complete impressive quantities. The assurances or safety and security should stand throughout the instalment duration, till complete repayment is made. If a candidate falls short to pay the instalments by the recommended target dates, the choice authorizing the application for repayment by instalments will certainly be considered null.
The Resolution will work from the day of its magazine in the Authorities Gazette.
