Aiming at encouraging digital transactions and to create a cashless India, the Centre is likely to ban all cheque books. News agency Press Trust of India (PTI), a story dated November 16, has quoted a senior official of a prominent trade body as saying that the government needs to encourage the use of debit and credit cards.
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.” talking to reporters at the launch of ‘Digital Rath’, a joint initiative of the CAIT and Master-card to encourage traders to adopt different modes of digital transactions and promote cashless economy.
IMPACT OF BANNING CHEQUE BOOKS
Affects the trading community as it relies heavily on cheque books. Over 95 per cent transactions occur through cash and cheques. There is also a possibility that cheque transactions may have increased ever since demonetization crippled cash transactions.