JERUSALEM (Jul. 26)
A favorite method used by Israelis for securing credit–by issuing post-dated checks–may be on the way out, after approval today by the Cabin et Economic Committee of a draft bill eliminating the practice. According to the measure to be presented to the Knesset, Israel’s Parliament, a check will become payable immediately regardless of the date on it.
Government officials have objected to the current practice of issuing checks payable at some future date on the grounds that such procedures actually increase the amount of money in circulation in a manner that cannot be controlled by the State bank.