23-November-2017 20:20 IST
No Proposal Under Consideration to Withdraw Bank Chequebook Facility
In
a section of the media, it has appeared that there is a possibility
that the Central Government may withdraw bank cheque book facility in
the near future, with an intent to encourage digital transactions. It is
denied that there is any proposal under consideration of the Government
to withdraw bank cheque book facility.
In
this regard, it is emphasized that while the Government is committed to
transform India into a less cash economy and promote digital and
electronic transactions through multi-pronged initiatives, cheques are
an integral part of the payments landscape, and form the backbone of
trade and commerce, by being negotiable instruments, which often serve
as the security for underlying trade transactions.
In
fact, the Union Finance Minister, in the Budget Speech 2017-18, had
announced, “As we move faster on the path of digital transactions and
cheque payments, we need to ensure that the payees of dishonoured
cheques are able to realise the payments. Government is therefore
considering the option of amending the Negotiable Instruments Act
suitably.”
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