Government Has No Plans To Scrap Your Cheque Books

Ministry of Finance of India reaffirms that there is no application under contemplation to pull out the bank cheque book facility for the time being in our country. The government on this Thursday guaranteed each and every bank account holders that it is for the time being is not planning to put an end to the bank cheque book competence to support more digital transactions in our country, which has actually increased after demonetization. “The Government of India has currently reaffirmed that for the time being there is no proposal under contemplation to remove the bank cheque book.

Government Has No Plans To Scrap Your Cheque Books

It had only appeared in a few sections of news media and social media that there are few prospects that the Central Government may possibly take out bank cheque book facility in the coming years, with an intention to support the citizen of India for digital transactions. This has been completely deprived by the Government of India and reaffirmed that there’s nothing as of now,” as stated by the Ministry of Finance. Previously, a leading functionary of diligence body CAIT stated to that the Centre may take out the bank cheque book in the coming days to promote digital transactions in our country.

(CAIT) Confederation of All India Traders, Secretary General known as the Praveen Khandelwal stated that the government requires to support the use of both credit and debit cards. “In every prospect, the Centre may possibly pull out the cheque book facility in the coming future to support digital transactions,” he stated. In the months after PM Narendra Modi’s shocking declaration on November 8 to completely ban Rs. 500 and Rs. 1,000 exchange notes, the government of India did assertively support digital transactions.

Post an impale after demonetization, digital transactions have decreased to pre-demonetization levels, together in terms of the amount of transactions, and their assessment, showed the Reserve Bank of India statistics. While the amount of digital transactions has developed from 672 Million in November 2016 to 958 Million in the month of December 2016, the amount of digital transactions decreased to 863 Million in the month of July 2017.

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