Government has no plans to withdraw cheque book to promote digital transactions: Finance Ministry

The Ministry of Finance on Thursday said that there is no proposal to withdraw the bank cheque book facility as part of exercise to promote digital transaction.

The finance ministry in a press release said, “The Government is committed to transform India into a less cash economy and promote digital and electronic transactions through multi-pronged initiatives, cheques are an integral part of the payments landscape, and form the backbone of trade and commerce, by being negotiable instruments, which often serve as the security for underlying trade transactions.”

The clarification comes in the backdrop of news reports stating the possibility that the BJP-led NDA government may withdraw bank cheque books to encourage digital transactions.

The ministry tweeted, “No Proposal Under Consideration to Withdraw Bank Chequebook Facility.”

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 an intent to encourage digital transactions.This has been denied by the Govt & reaffirmed that there's no such proposal

— Ministry of Finance (@FinMinIndia) November 23, 2017

In another tweet, the ministry tweeted, “The Government of India has reaffirmed that there is NO  proposal under consideration to withdraw the bank Cheque Book facility.”

The Government of India has reaffirmed that there is NO proposal under consideration to withdraw the bank Cheque Book facility.

— Ministry of Finance (@FinMinIndia) November 23, 2017

The ministry in its official Twitter handle tweeted, “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 an intent to encourage digital transactions.This has been denied by the Govt & reaffirmed that there's no such proposal.”

(With PTI inputs)