Govt has no plans to withdraw cheque books
The finance ministry says there is no proposal to withdraw cheque books and that it’s an integral part of the payments landscape
New Delhi: The finance ministry on Thursday said there is no proposal to withdraw the bank cheque book facility, saying it 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 a less-cash society. 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”. It said cheques form the backbone of trade and commerce, by being negotiable instruments, which often serve as the security for underlying trade transactions.
Finance minister Arun Jaitley, in his budget speech for 2017-18, had said that as the country moves faster on the path of digital transactions and cheque payments, “we need to ensure that the payees of dishonoured cheques are able to realise the payments”.
Editor's Picks »
- With fall of the last dove, MPC minutes portend more than one RBI rate hike
- RITES IPO ticks the valuations box, but not the growth one
- Is Reliance Jio really India’s most profitable telecom firm?
- How US-China trade war will affect India
- Dear ICICI Bank board, giving a red card to Chanda Kochhar is not enough