Bank Cheque book Ban, Bank Cheque books To Be Banned
Aiming to encourage digital transactions in India, Prime Minister Narendra Modi and Government Of India may ban Bank Cheque Books soon. To achieve complete digitization of economy Government Of India may come up with process of Banning of Bank Cheque Books.
Senior person of Confederation of All India Traders (CAIT) has stated that the the Centre may withdraw the cheque book facility in the near future to encourage digital transactions. He was talking to reporters at the launch of ‘Digital Rath’, a joint initiative of the CAIT and Mastercard to encourage traders to adopt different modes of digital transactions and promote cashless economy.
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal also stated that The government spends Rs 25,000 crore on 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
Will It Imapact If Government Of India Bans Bank Cheque Book?
Narendra Modi government is working hard to eradicate illegal transactions and to bring a clear and transparent money flow, digital transactions is must.
Even though digital wallets, quick response (QR) codes, near field communication (NFC) technology, sound wave systems, virtual cards, unified payment interface (UPI) and Aadhaar Pay have given much needed push to cashless transactions, Most of the transactions are done through cash and cheque.
Business, real estate etc, Selling and purchases are mostly done through cheque, most of tenants pay their house rents to their land lord through cheque. Purchasing of goods are also done through cheque etc. There might be some impact if government bans Bank Cheque Books.