Your Chequebook Is Safe: Finance Ministry Confirms That Cheques Aren’t Being BannedA chequebook (Zapan09/Pixabay)

Days after several media outlets began reporting that the Narendra Modi-led government would bank chequebooks, the Ministry of Finance has clarified that no such proposal under consideration.

In a press release issued by the Press Information Bureau, the ministry clarified that these reports were baseless.

The release further emphasised that while the government was committed to “ transform India into a less cash economy and promote digital and electronic transactions through multi-pronged initiatives”, cheques, by virtue of forming the backbone of trade and commerce, formed an integral part of the economy.

In his last budget speech, Finance Minister Arun Jaitley had said, “As we move faster on the path of digital transactions and cheque payments, we need to ensure that the payees of dishonoured cheques are able to realise the payments. Government is therefore considering the option of amending the Negotiable Instruments Act suitably”.

So no, your cheques aren’t going anywhere. Not yet.

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