Showing posts with label Cheque Book Ban. Show all posts
Showing posts with label Cheque Book Ban. Show all posts

Cheque books to be banned by Modi Goverment?



In yet another controversial and disruptive move - after demonetisation - aimed at encouraging digital transactions and create a cashless India, the Centre is likely to ban all cheque books, a decision that could affect the transaction preferences of millions of people in the country.Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal told PTI, "In all probability, 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.

"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," he said.