Cheque ban in India is now latest talk in this country. On 21 November 2017 breaking news came out that a new kind of surgical strike may be carried out by Indian government in cash transactions. There are possibilities that to increase digital transactions the government may place a ban on cheque transactions through banks. Even though no confirmed news came out regarding this many people have started asking questions like what will be effect of Cheques banned in India and what is latest news coming out about it.
What will be the last date for using a checkbook or cheque leaf / leaves in India for doing Bank transactions. Most probably the last date for such a change will be some time in year 2018. There are no confirmed news regarding cheque book banning in India.
Indian Prime Minister Narendra Modi started demonetization of old notes 500, 1000 in November 2016 . One year has passed since demonetization impacted millions of common people. Indian government said that it is giving more importance to digital money for online transactions visible decrease additional expenses for government and banks.
Actually what is need for Cheques banned in India and how will it help economic situation of this country.
Cheques banned in India news updates
Till now no such a declaration has been made by Indian government. These are just a possibility is that came out through media regarding possibilities of banning a cheque books in India.
It will surely happen in 2017 or 2018. What are reasons that justify Indian government’s move to implement cheques banned in India.
Crores of money is spend every year in printing of currency notes by Indian government. And crores of money is spent for giving protection to it. Banks also spend crores of money for providing ATM services and maintaining it.
If all transactions are made online then it will help government and banks by saving crores of money. In previous years banks used to give checkbooks at free of cost.
Recently banks are charging money for giving cheque leaves or checkbooks to its customers and this is considered as a way to reduce use of cheque leaves in bank transactions.