November 23, 2017

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Cheque books to go nowhere: Assures Finance Ministry

After speculations of the govt. planning to ban the cheque books to promote digital transactions, the finance ministry clarified that nothing of this sort is going to happen anytime soon. The cheque books will continue to remain operational for the coming times.

After abruptly launching the process of demonetization last year, to curb the black money menace and counterfeit currency, followed by GST implementation this year, it was reported that the government is now contemplating a ban on cheque books. However, in one of its recent tweets, the ministry clarified that no proposal of this kind is being considered.

Image result for cheque book
Image Source - The Hindu

The push for a digital, cashless economy is being given since the days of demonetization when a lot of people switched to make chashless transactions either through e-wallets or plastic money. The rumored move of banning the cheque books was also considered to be yet another attempt for pushing digital transactions and moving one step ahead towards the cashless economy.

The assurance of not banning the cheque books comes out as a relief for all those traders and business owners who were not making much use of digital means for making payments and were still relying majorly on cash and cheques. 


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