Central government planning to do away with bank cheques
Posted on: 21/Nov/2017 8:54:47 PM
An information is gathered that the central government is intently planning to do away entirely the system of bank cheques as a step towards encouraging electronic money transactions.
The General Secretary of the CAIT (Confederation of All India Traders), Praveen Khandelwal, informed this above information after participating in a function in Delhi.
He further informed that all the traders are already implementing the changing over entirely to electronic financial transactions.
In the present situation, around 95% of the financial transactions are done either through cash or through bank cheques. In this situation, the economic experts observe that it might be equivalent to another demonetization effort in case the system to do away with bank cheques is implemented.
After the demonetization, the number of electronic/digital transactions touched 100 crores during last December. The Reserve Bank of India has informed, presently, for this year, the number of the electronic/digital transactions stands at 87 crores.
