After one year of controversial demonetisation decision which sought to digitise economy, the Narendra Modi government is likely to ban cheque books usage, media reports say.
The move comes in the wake of failure in achieving the complete digitisation of economy. Though digital transactions spiked soon after the ban of high value Rs 500 and Rs 1,000 notes, cash has made a come back with liquidity improving in the system.
A senior functionary of Confederation of All India Traders (CAIT) had recently said the Centre may withdraw the bank cheque book facility in the "near future" to encourage digital transactions.
"In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions," CAIT Secretary General Praveen Khandelwal was quoted as saying in a PTI report.
Source:- Firstpost
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