21 Nov 2017

Cheques to be eliminated under 'Digital India' move - good or bad?

This seems to be a speculation at the time of writing this debate post; but Indian Government may soon eliminate transactions through Cheques. This is going to be quite a bold move right after demonetization initiative by the Government of India.

The question to consider is - are Indians ready to get rid of cheques? In my family, we seldom use cheques and insist payments through net-banking, credit or debit cards. High-value transactions are typically done through Credit or Debit card and sometimes through net-banking. But then, there are several occassions when the party we're dealing with requests for a cheque.

I think digital benefits everyone and banning the cheques would be a welcome move. I'd support it because I never got the logic in asking users for 'canceled cheques: Do I need to sign a cancelled cheque? '

Digital India initiative seems to be on the fast track. Are you ready to go chequeless?

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