No Proposal Under Consideration to Withdraw Bank Chequebook Facility
In a section of the media, it has appeared 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. It is denied that there is any proposal under consideration of the Government to withdraw bank cheque book facility.
In this regard, it is emphasized that while the Government is committed to transform India into a less cash economy and promote digital and electronic transactions through multi-pronged initiatives, cheques are an integral part of the payments landscape, and form the backbone of trade and commerce, by being negotiable instruments, which often serve as the security for underlying trade transactions.
In fact, the Union Finance Minister, in the Budget Speech 2017-18, had announced, “As we move 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. Government is therefore considering the option of amending the Negotiable Instruments Act suitably.”
Related to Your Search:
- New Format Cheques CTS-2010 Standards will be implemented from 1st January, 2013
- Digitalisation of fee payment system in CCSCSB
- Minimum Balance Requirements In India Post Accounts and Other Details
- Government, RBI taking steps to lower digital transaction cost: FM
- India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018
- RBI: Statement on Developmental and Regulatory Policies – October 4, 2017- Banking Facility for Senior Citizens and Differently abled Persons
- Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh
- Government asks staff to become ambassadors for digital push
- No salary in cash for industrial workers; to get payment only in cheque or bank transfer