The rumour of a proposal to ban cheque use for financial transactions is most likely creating much heartburn among many given the trading community's dependence on these instruments. Media reports say a decision to this effect is likely in the works as the government wants to give a further push to digitisation of the economy.
If the proposal indeed turns out to be true, it would be a hastier decision than the GST rollout. The goods and services tax (GST) was rolled out from 1 July 2017 with a lot of fanfare amid concerns voiced over lack of dry runs on a large scale and absence of seamless internet connectivity and access across the nation. The result - glitches galore that go beyond teething trouble.
After demonetization and GST, the government wants digital payments to be the norm. Nothing wrong in joining the ranks of Britain and Sweden. But are we ready? If we weren't ready for GST, we are woefully ill - equipped for digitisation across the nation. The limited digital payments we have witnessed has been by and large confined to urban areas and the mode of mobile wallets used mainly in the daily food basket.
Source: First Post
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