Not withdrawing bank cheque book facility: Ministry of Finance
It was assumed that a ban on cheque books might bring India closer to that target but its seems that government has other thoughts.
The finance ministry today said there is no proposal to withdraw the bank cheque bookfacility, which is an integral part of the payments landscape.
The clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw bank cheque book facility in the near future, with an intent to encourage digital transactions.
This has been denied by the government and reaffirmed that there's no such proposal, it said in statement.
"The Government of India has reaffirmed that there is NO proposal under consideration to withdraw the bank Cheque Book facility," the finance ministry said in a tweet.
Post demonetisation, the government has been pushing digital transaction with an aim to move towards less cash society.
Ministry of Finance
✔@FinMinIndia
It had appeared in a certain section of media that there is a possibility that the Central Govt may withdraw bank cheque book facility in the near future, with an intent to encourage digital transactions.This has been denied by the Govt & reaffirmed that there's no such proposal
The ministry emphasised that while the government is committed to transform India into a less cash economy and promote digital and electronic transactions, "cheques are an integral part of the payments landscape".
India has no plans of scrapping the cheque book. The Finance Ministry said that cheques are an integral part of the country’s payments ecosystem and form the backbone of trade and commerce. The ministry was compelled to clarify as multiple news reports reported that the cheque book facility may be discontinued to push digital transactions. Deccan Chronicle reports that cheque book usage has increased, especially among traders, after the centre’s demonetisation decision last year.
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