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It’s Bank Cheque After Demonetization and GST

It’s Bank Cheque After :

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

It's Bank Cheque After

Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal hinted Center 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 Center 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.

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