Important move from Govt towards digital economy , cheque books will be terminated…
To boost digital transactions and cashless economy, the Centre is likely to do away with cheque books, says report.
The move comes after demonetisation completed one year on November 8.
The Narendra Modi-led government scrapped the usage of old demonetised notes of Rs 500 and Rs 1000 in order to curb black money and corruption.
If implemented, the decision could affect the transaction preferences of millions of people in the country.
According to a report dated November 16, a senior official of the Confederation of All India Traders (CAIT) said the Centre might withdraw the bank cheque book facility in the “near future” to encourage digital transactions as the government needs to encourage the use of debit and credit cards.
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal told , “In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions.”
“The government spends Rs 25,000 crore on the printing of currency notes and another Rs 6,000 crore on their security and logistics. Moreover, banks charge 1 per cent on payments through debit card and 2 per cent through credit cards. The government needs to incentivise this process by providing subsidy directly to the banks so these charges can be waived,” he said.
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