To promote digital transactions Centre likely to withdraw cheque books
Cheque books may soon become a thing of the past. A senior of the trade body said that the government may soon phase out chequebooks to encourage digital transactions further.
Praveen Khandelwal, secretary general of the Confederation of All India Traders said that in all probability, the Centre may withdraw chequebooks and encourage digital transactions.
RBI data suggests that the number of digital transactions rose by around 10 percent to 965 million in October from 877 million in September. The digital transaction in October is the highest since the decision on demonetisation was made in November 2016.
While the personal payments have shifted to NEFT and IMPS modes, businesses, where payments involve multi-level clearances, have been slow in discarding cheque-based payments.