.....Well, the good news is that the finance ministry wants to end our love affair with paper money. It has decreed that at least state-run banks must completely stop using cheques for the following purposes: payments to customers, staff, and vendors and suppliers. Moreover, “disbursement of loans and payments towards investments should be made only through the electronic mode,” reports The Economic Times. Simultaneously, the Reserve Bank of India (RBI) has put out a vision document whose goal is to reduce the use of paper money. Its vision is not to move to a cash-less society, but a “less-cash society”. (If you have trouble falling asleep, you can read the whole bally document here.) So, don’t fret too much of your bank suddenly raises charges on issuing cheque-books. They will justify it in the name of the RBI’s less-cash vision. Any excuse to charge you more. But it’s in a good cause.
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1 comment:
If the govt., idea is to reduce the use of cheques, it should consider the payments of utility services by credit or debit card. This will surely reduce the use of cheques. Also to consider the payments to merchants establishments to accept the payments by credit or debit cards without charging anything extra. There should not be any minimum amount for use of these cards as is being done in western countries. In our country, the merchants charge extra amount ranging from 1.5 % to 3 % over and above the invoice value as bank charges. This should be stopped forthwith immediately. RBI should ensure that by using the cards one should not pay more. The rogue banks like ICICI, HDFC, Axis banks should comply with such orders from the RBI, which are not doing now. But the question is whether RBI really interested in reducing the use of currency payments ? This is a problem, the RBI should address before asking the banks to charge extra fees from customers for issue of cheque books.
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