No Proposal To Withdraw Bank Cheque book Facility: FinMin

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Several reports had suggested that Central Government may withdraw bank cheque book facility in the near future, with an intent to encourage digital transactions. Now, The government denied it and reaffirmed that there’s no such proposal.

The finance ministry on Thursday clarified that there is no proposal to withdraw the bank cheque book facility, which is an integral part of the payments landscape.  “The Government of India has reaffirmed that there is no proposal under consideration to withdraw the bank Cheque Book facility,” tweeted the Ministry of Finance.

“It had appeared in a certain section of media that there is a possibility that the Central Govt may withdraw bank cheque book facility in the near future, with intent to encourage digital transactions. This has been denied by the government and reaffirmed that there’s no such proposal,” added the ministry.

Post demonetisation, the government has been pushing digital transaction with an aim to move towards less cash society.

The ministry emphasised that while the government is committed to transform India into a less cash economy and promote digital and electronic transactions, “cheques are an integral part of the payments landscape”. It said cheques form the backbone of trade and commerce, by being negotiable instruments, which often serve as the security for underlying trade transactions.

Finance Minister Arun Jaitley, in the budget speech for 2017-18, had said that as the country moves 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”.

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