Following the widespread use of semi-electronic cheques (commonly known as Sayadi cheques), the Payment and Settlement Systems Commission of the Central Bank of Iran enacted the Executive By-law on Electronic Cheques in 2023 (1402 SH). This enactment, aimed at advancing the policy of fully electronic cheques and eliminating paper from the issuance process, has—despite its significance—not yet been the subject of in-depth legal scrutiny. However, this executive by-law contains important substantive and formal provisions regarding this widely used commercial instrument, and the existing research gap necessitates legal analysis ; particularly in light of the fact that certain banks have recently commenced issuing and circulating electronic checkbooks—such as the “Chek No” system introduced by Bank Saderat—, it is imperative that the innovations and deficiencies inherent in such systems be subjected to rigorous academic critique.
Accordingly, the present article, using a qualitative and descriptive-analytical approach, seeks to answer the question: to what extent does the aforementioned by-law conform to the principles and foundations of Iranian commercial law, and is it legally and practically defensible?* The hypothesis of this study is that, although the by-law introduces certain innovations, it also contains several shortcomings that may create challenges for judicial practice and the legal rights of parties involved in electronic cheques. This research aims to examine the key concepts and legal bases of the topic, critically analyze the by-law, and offer clear and practical solutions to its stakeholders.