Modi government is in the mood of 'check-in' after the ban on making DIGITAL ECONOMY

New Delhi: After promoting cashless transactions in the country and curbing the black money business, the central government can now decide to completely eliminate checkbook arrangements from the country while taking the next step to increase digital transactions.

The All India Traders Confederation (CAIT) claims that the Central Government can quickly declare the order to eliminate the check book system. CAIT's General Secretary Pravin Khandelwal believes that the government is continuously promoting the use of credit card and debit cards. To run this medium more smoothly, it can quickly initiate the closure of the check book facility.


According to Praveen Khandelwal, before the ban, the central government used to spend about 25 thousand crore rupees in printing of new currency and additional amount of Rs 6,000 crore on the security of the currency. Considering this expenditure, the Central Government wants to change the economy of the country into cashless.


What will be the benefit of the check book banning the cashless economy? Most business transactions happen only through checks. Now, 95 percent of transactions are through cash or check. After the ban, cash transactions were reduced and the use of the check book increased. The government has set a target of 2.5 trillion digital transactions by the end of this financial year. To meet this target, the government can take initiative to ban the check book soon.

However, the central government needs to take legal initiatives to eliminate the check system. Checks issued by banks include banking instruments as a financial instrument. Therefore, in order to exclude the check from the list of Financial Instruments, it needs to change the banking law through the Reserve Bank.