Is check book in India is going to be closed?
Viral Message: The Narendra Modi government is likely to ban all cheque books.
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Viral Message Example – Check book in India would be closed
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The Finance Ministry has recently rejected the rumors that was created by media reports which said that check book in India would be closed. The government said through a tweet that checks are an integral part of India's payment system.
Check is the backbone of trade and commerce in the country. There is no proposal to close the government's check book.
The Finance Ministry has said in the tweet that the government wants to promote electronic transactions in many ways but there will be no restriction on the check.
PNB official AK Gupta says that there is only such information, but no such official letter has been issued.
They say that it can be implemented from next year i.e. 2018. Since then the bank will only make digital transactions through ATMs, debit and credit cards.
However, some charges will also imposed on digital transaction. But according to the information, if the check book are closed, then the government can reduce the transaction charges on digital transactions.
According to the information, only five percent of the card is used for digital transactions across the country. In such a situation, the Central Government is taking these steps in an effort to bring it to 100 per cent.
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
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