Soon Cheque Books will be banned paving the way for cashless economy

Modi government is trying their level best to encourage digital transactions and make the country cashless.Demonetization of Rs 500 and Rs 1000 notes paved the way towards cashless economy.With the aim to make cashless economy,Modi government could soon put a ban on cheque books.On November 16, a senior functionary of the Confederation of All India Traders(CAIT),Praveen Khandelwal said that the Centre should withdraw the bank cheque book facility in future to encourage people for digital transactions.
Cheque Books will be banned soon,Narendra Modi's cashless dream

If the government withdraws the bank cheque book facility,it will prove as a major boost in the government attempt towards cash less economy.While speaking to reporters at the launch of 'Digital Rath' which is a joint initiative of the CAIT and Mastercard,Khandelwal further added saying that the government spends Rs 25,000 crore on the printing of currency notes and another Rs 6,000 crore on their security and logistics."Moreover,banks charge 1% on payments through debit card and 2% through credit card.The government needs to incentivise this process by providing subsidy directly to the banks so these charges can be cut-offed",he added.

Cash in circulation at Rs 16.3 lakh crore is still at 91% of the pre-note ban days of Rs 17.9 lakh crore,digital transactions rose 31% from November last year to September this,according to a report by RBI.Digital transactions in September reached 877 million as compared to last year's 1 billion transactions.

Reports state that Prime Minister Narendra Modi's Digital India has the potential to increase the country's GDP by 20 to 30% by 2025,owing to the significant progress made under the scheme since its inception in July,2015.                  
Soon Cheque Books will be banned paving the way for cashless economy Soon Cheque Books will be banned paving the way for cashless economy Reviewed by Saurabh Jadhav on November 23, 2017 Rating: 5
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