Cheques Transactions to be BAN soon in INDIA

Started by Kalyan, Nov 22, 2017, 03:30 AM

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Kalyan

Cheques Transactions to be BAN soon in INDIA

Are you using cheque book for digital transactions.Make sure that you make alternative arrangements because the Narendra Modi Government may soon ban the usage of cheques in order to speed up the acceleration of digital transactions and move towards the less cash society.

Government officials have said that "the decision has already being taken and it would be announced in the next budget session". They have also said that the government has taken this decision after consulting experts and it would have the following benefits

# Digital Transactions

Currently, many high-end digital transactions are done through cash and cheques are used to withdraw cash.Govt feels that cheques are withdrawn more high-end transaction would be a shift to digital platforms such as IMPS, RTGS and NEFT. Although there is a ban on cash transaction above Rs 2 lakhs this doesn't apply to cheques as there is no limit on cash withdrawal using cheques.

# Reduction in pending cases

Currently, many cheque bounce cases are filed in courts and these take a long time to solve as these are civil cases and these are not filed in consumer courts and this adds backlog to the Judiciary. If cheques are abolished people would shift to the digital transaction and there are various platforms available to complain if a digital transaction fails and thereby reducing the judiciary backlog and they can concentrate on other important cases.

courtesy:
SMTV

Sudhakar

Cheque books are here to stay - News from Indian Government

India has no plans of scrapping the cheque book. The Finance Ministry said that cheques are an integral part of the country's payments ecosystem and form the backbone of trade and commerce. The ministry was compelled to clarify as multiple news reports reported that the cheque book facility may be discontinued to push digital transactions. Deccan Chronicle reports that cheque book usage has increased, especially among traders, after the centre's demonetisation decision last year.

Source
Linkedin news on Published on Published onNovember 24, 2017
https://www.linkedin.com/pulse/cheque-books-stay-ubers-e-car-push-other-trending-rundown-india-/

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