It's Bank Cheque after Note Ban & GST!

Sat Nov 18 2017 16:36:33 GMT+0530 (IST)

What could be the next big move of Prime Minister Narendra Modi after demonetisation and GST? Here is a hint of what Centre is likely gonna do...

Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal hinted Centre may withdraw the Cheque Book facility to encourage digital transactions. He stresses the need to motivate people to use debit and credit cards for curbing unaccounted money.

Union Government spends Rs 25,000 crore printing of new currency notes. Another Rs 6,000 crore are being spent for the security & logistics of the currency.  While Banks charge 1 percent on payments through Debit Card, It's been 2 percent for Credit Card payments.  

Mr.Khandelwal feels Centre should offer subsidy to the banks so that these service charges on the transactions can be waived off. 'Only 5 percent of the 80 crore ATM-cum-Debit Cards in the country are used for cashless transactions. Whereas, 95 percent of them are used for cash withdrawals,' he disclosed.