1. Next big move by Modi? Bank cheque facility may be withdrawn to push digital transactions, says CAIT official

Next big move by Modi? Bank cheque facility may be withdrawn to push digital transactions, says CAIT official

A senior functionary of industry body CAIT today said the Centre may withdraw the bank cheque book facility in the "near future" to encourage digital transactions.

By: | Bhopal | Published: November 16, 2017 8:16 PM
CAIT, Bank cheque facility, Bank cheque facility may be withdrawn, digital transactions, debit cards, credit cards,Digital Rath,  cashless economy, digital India Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said the government needs to encourage use of debit and credit cards. (Reuters)

A senior functionary of industry body CAIT today said the Centre may withdraw the bank cheque book facility in the “near future” to encourage digital transactions. Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said the government needs to encourage use of debit and credit cards. “In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions,” he said. Khandelwal was talking to reporters at the launch of ‘Digital Rath’, a joint initiative of the CAIT and Mastercard to encourage traders to adopt different modes of digital transactions and promote cashless economy. The CAIT secretary general said, “The government spends Rs 25,000 crore on printing of currency notes and another Rs 6,000 crore on their security and logistics. “Moreover, banks charge 1 per cent on payments through debit card and 2 per cent through credit cards. The government needs to incentivise this process by providing subsidy directly to the banks so these charges can be waived.”

Khandelwal said only 5 per cent of the total 80-crore ATM-cum-debit cards are used for cashless transactions, while 95 per cent of them are used for cash withdrawals. Mastercard Executive Director (Global Community Relations) Ravi Aurora said this initiative with the CAIT will provide a “major fillip in our endeavour to move towards a less-cash society”. “Under the digital literacy campaign, we have held about 450 conferences during the past three years. By the end of next month, we have set the target to reach to 10 lakh merchants to support the government’s target of powering 2,500 -crore digital transactions,” Aurora said.

Aurora said ‘Digital Rath’ would further strengthen the nationwide movement of ‘Cashless Bano India” in line with the government’s vision of digital India. “We believe small traders and merchants are an important constituency to help India transform into a knowledge economy.” He said Mastercard has invested about USD 500 million in India during the past couple of years and it plans to pump in another USD 700-800 million. CAIT president B C Bhartia said a sizeable part of the Indian population consists of youths. “Youths prefer digital transactions. Even temples have put up machines for digital transactions. Now, the government needs to make digital transactions more attractive,” he added.

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    Fca Prashant Chavan
    Nov 26, 2017 at 7:55 pm
    26.11.2017 Dear webcaster, I request the media to refrain from airing the "wishful thinking" of Praveen Khandelwal of withdrawing the cheque book facility, and taking umbrage saying that it may be the NaMo Government's next move ...
    Reply
    1. S
      Sanjay
      Nov 19, 2017 at 3:04 pm
      This decision will pave the way for a change in Central Government...
      Reply
      1. S
        SRIDHARAN
        Nov 18, 2017 at 10:53 pm
        Stupid decision
        Reply
        1. D
          Damien
          Nov 18, 2017 at 9:36 am
          Fantastic Modi if you can curtail the facilities of Indian people then the Indian people should have the power to change their elected PM at anytime and elect a educated person
          Reply
          1. A
            Amit s band
            Nov 18, 2017 at 8:46 am
            Very bad decision by modiji government on banning cheque. That check also mode of digital transaction because if u r paying by check that it self transaction is showing as a white.
            Reply
            1. A
              Agarwal
              Nov 18, 2017 at 8:24 am
              This will be sucidial
              Reply
              1. R
                Rituraj
                Nov 17, 2017 at 10:53 pm
                Why there should be subsidies to waiver card transaction charges. Rather master card and Visa cards should be replaced with India’s own Rupay powered cards where the transaction costs are very low. The small merchants have to pay as high transaction cost on visa and MasterCard. Also rather than subsidy to banks to incentivise digital transaction govt should use that money to popularise payment apps like BHIM. Instead of digital wallets which charges high transaction cost to small traders BHIM is without any cost. BHIM is an excellent app but no money have been put behind it’s publicity thus its least used.
                Reply
                1. A Singh
                  Nov 17, 2017 at 9:45 pm
                  The current Govt can’t run a country just doing hit and trial.
                  Reply
                  1. victor gons
                    Nov 17, 2017 at 9:01 pm
                    Is the govt going to work on eliminating or at least reducing the merchant charges on such transactions . If not how you can force the people ?
                    Reply
                    1. K
                      Kalpesh
                      Nov 17, 2017 at 8:36 pm
                      Why can’t they do this with RUPAY CARD.....?
                      Reply
                      1. G
                        G. Nagaraja
                        Nov 17, 2017 at 7:20 pm
                        Bank should insure the amount in the SB Current Account deposited. If any mod use or non transaction happens make Bank is responsible for that amount. The misuse may happens in degital transactions.
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                        1. G
                          G. Nagaraja
                          Nov 17, 2017 at 7:16 pm
                          Bank should insure the amount in the SB Current Account deposited. If any mod use or non transaction happens make Bank is responsible for that amount. The misuse may happens in degital transactions.
                          Reply
                          1. G
                            G. Nagaraja
                            Nov 17, 2017 at 6:50 pm
                            If server is down finish, nothing is possible. All transactions will be closed, it may take half an hour or one day or indefinite time,
                            Reply
                            1. S
                              Suresh bansal
                              Nov 17, 2017 at 5:58 pm
                              To move into total digitalisation govt must make sure the safety of transactions being done so that the customers don’t loose money at the hands of frauds.Method must be fool proof.Now issues arises and banks don’t help much to recover the lost money.
                              Reply
                              1. D
                                Dinesh Prakash
                                Nov 17, 2017 at 11:12 am
                                Practically it is of no use.It has ulterior motivated purposes to exact money from citizens by levying taxes there on. Every scheme towards whiteness will fail unless governmental officials and politicians are forced to become since their collusion compels the public to turn their white money into black to satisfy them to acquire,execute and realise payments of the work.None of the governmental official is ready to accept approve and recognise right things without irrelevant consideration.A number of decided cases and pending cases arose out of the governmental officials having been made again existing ratios of apex,HC and other courts.Hence corruption at the level of Polticians andGovernmental officers must be curbed which the existing governments don't wish to do as there are no such signs
                                Reply
                                1. O
                                  Oliver Craig
                                  Nov 17, 2017 at 4:26 pm
                                  Every effort is being made to destroy the common Indians and sell the country to the multi nationals! Soon we will be ruled by the British and Americans, if this Government stays that long. No one talks about MPs and MLAs giving up subsidy or luxurious amenities...they want the to suffocate the poor people and murder the middle class. This is the worse of the worst times for the country.
                                  Reply
                                2. Triloki Nagpal
                                  Nov 17, 2017 at 9:56 am
                                  Remove all extra charges when you pay by credit card. E.g., rail/air tickets, movie tickets and whole lot of other places. Consider giving discounts instead. Charges payable by business to banks in credit cards usage / digital payments also need to be scrapped. Then automatically the digital usage will go up. Then
                                  Reply
                                  1. R
                                    Reema
                                    Nov 17, 2017 at 12:32 pm
                                    very true 👍remove all extra charges by debit cards. it will improve digital transactions
                                    Reply
                                  2. Ravindran Nambiar
                                    Nov 17, 2017 at 8:15 am
                                    First of all, try to understand that the man who made statement is in no way connected to banking administration and its policy making. At present commenting on an uncertain subject does not make any sense.
                                    Reply
                                    1. D
                                      Dixie
                                      Nov 17, 2017 at 8:05 am
                                      Are we making American Companies Rich? Master card , visa card belongs to American Companies , at least that is what I think it is, and they will not give . And we have a billion plus population are we making them Rich ? China has a bigger population and an economy that so huge it will take India at least 50 years to reach near them, and most transactions in China are Cash. It is foolish to bring about something that is not practical in this Country, and to catch black money ders India must remove Income tax and introduce nominal bank charges for transaction, the black money menace will disappear.
                                      Reply
                                      1. B
                                        Bhutia ghoda
                                        Nov 17, 2017 at 3:30 pm
                                        And your father will fund the government right !
                                        Reply
                                        1. G
                                          GJohari
                                          Nov 17, 2017 at 6:01 pm
                                          Government can earn more than from income tax if there is transaction charge. Scrap income tax bring only transaction so that it will avoid double taxation
                                      2. Shivani Vidyarthi
                                        Nov 17, 2017 at 7:35 am
                                        This should not be done as for larger transactions cheque books are always a good option and moreover digitisation can't be implemented forcibly let it evolve first and provide all means to use digital tools and sa uard it then only digitisation could be implemented in true sense. Let it first reach to last person of the country and moreover using only one means is always dangerous we should not limit our means rather we should increase it.
                                        Reply
                                        1. T
                                          Trueindian
                                          Nov 17, 2017 at 7:17 am
                                          Taking public for a ride . First give basic necessities like shelter,food,employment ,healthcare n education before taking such foolish steps only to benefit multinationals n big businesses . Real bull .
                                          Reply
                                          1. B
                                            BH
                                            Nov 17, 2017 at 7:15 am
                                            Bank Cheque facility if withdrawal may have negative effect by moe of cash transaction as most small merchants are not equpped for digital transaction
                                            Reply
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