After the Centre's shocking decision last year to ban Rs 500 and 1000 notes, any rumours on the government's financial policy is subjected to much discussions even before any official confirmation. One such rumours that did the rounds these days was that the Centre was mulling roll back of cheque books to promote digital transactions.
However, debunking all such headlines, the finance ministry has 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," the finance ministry said in a tweet.
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".
(With inputs from PTI)
