No Plan to Withdraw Cheque Books, Finance Ministry Clarifies | CORPORATE ETHOS

No Plan to Withdraw Cheque Books, Finance Ministry Clarifies

By: | November 24, 2017

Nov 24:  Talk of the Union government gearing up for doing away with cheque books had triggered widespread concern a few day ago. With debates having been sparked off, the Union Finance Ministry has clarified that there is no such proposal.

News sources and the social media were abuzz with speculation that the government is mulling over withdrawal of the bank cheque book facility in its efforts aimed at promoting digital transactions.

The FinMin clarification comes as a relief to many, especially the Small and Medium Enterprises (SMEs), who depend much on cheque book transactions as they go about their business.  The Finance Ministry has tweeted that there isn’t any such proposal, and that the cheque books will stay.

One of the tweets went thus: “The Government of India has reaffirmed that there is NO proposal under consideration to withdraw the bank Cheque Book facility.”

Digital transactions are being promoted big time by the government, post-demonetisation. The government aims at making its dream of transforming India into a less cash society.