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New Era for Promissory Notes: Watermarked Documents to End ‘Buy-and-Fill from Stationery’ Practices

A new system emerging from the Judicial Reform Strategy Document aims to curb the use of counterfeit promissory notes. With the introduction of watermarked documents, the era of “buy-and-fill from stationery” promissory notes will officially come to an end.

According to a report by Sabah Newspaper, the reform will introduce a more secure system for promissory notes, eliminating the validity of documents purchased and manually filled from stationery shops.

President Recep Tayyip Erdogan recently announced the Judicial Reform Strategy Document, which outlines significant changes to the judicial system. One key topic highlighted in the strategy pertains to promissory notes. The document states, “To enhance legal security, the production of promissory notes (bills of exchange) will be registered.”

Steps Toward the New System

Work has already begun to establish a new system for promissory notes. The primary aim is to create a secure process and prevent citizens from being defrauded. Key steps include:

  • Promissory Notes to Be Registered:
    All promissory notes will be recorded under a central system. This operation may be managed by the Central Bank or another designated institution, with the responsible entity to be finalized following ongoing evaluations.
  • Watermark Technology:
    Similar to the anti-counterfeiting measures used in currency, watermarks will be introduced for promissory notes. This method aims to eliminate the risk of forgery.
  • End of ‘Buy-and-Fill from Stationery’ Era:
    Promissory notes obtained from stationery shops and manually filled will no longer be valid. The process is expected to transition to digital platforms, potentially through the e-Devlet (e-Government) system.
  • Signatures Will No Longer Be Sufficient:
    Simply signing a promissory note will no longer be adequate. Similar to the limited accessibility of checks, promissory notes will also be restricted to authorized and secure channels.

With these reforms, the government seeks to enhance trust and security in financial transactions while protecting citizens from fraudulent activities.

Source: Patronlar Dünyası/ Prepared by: İlayda Gök

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