Hyderabad: In addition to the proposal to link properties with the Aadhaar for curbing black money, a senior official of a trader said that the government can close the bank cheques in the near future to promote digital transactions.
The Pravin Khandelwal, general secretary of All India Traders (CAIT) recently said, “In all the possibilities, the center can withdraw the check book facility to encourage digital transactions.”
According to RBI data, the number of digital transactions increased by 10 percent to 965 million in October, which was 877 million in September. Since the digitalization in November 2016, digital transactions are the highest in October. Mr. Khandelwal, however, seems that large-scale business payments are through cash or cheque.
The personal payments have transferred to NEFT and IMPS modes, businesses, where multi-level approvals are in payment, there are slow to remove chque-based payments. Mr. Khandelwal said that the Center has spent Rs. 25,000 crore on printing notes and Rs. 6,000 crore on logistics and the expansion of digital payment will help the government to save this money.
