New Delhi: The Finance Ministry has denied the reports on Thursday that the government is thinking of withdrawing the cheque book facility under its plan to promote the digital transaction.
The ministry said in a press release, “It has been denied that there is no proposal in the consideration of the government to withdraw bank cheque book facility.” Earlier, the report had revealed that after the demonetising of high value notes last year, the Narendra Modi government had planned to ban the cheque book.
The Praveen Khandelwal, a senior official of All India Traders, told that there are all the possibilities, the Center can withdraw the cheque book facility in the near future to encourage digital communication.
The Finance Ministry said that though India is committed to bringing less cash economy and promoting digital and electronic transactions, there is no plan to close the bank cheque services. The cheque payments are an integral part of the scenario, and by becoming the backbone of business and commerce, through negotiable instruments, which often work to protect business transactions,” he said.
The Modi government banned the use of notes of 500 and 1,000 rupees in 2016, which was then seized 86%. This was done to advance the cashless economy operated by digitization
