In a section of the media, it has appeared that there is a possibility that the Central Government may withdraw bank cheque book facility in the near future, with an intent to encourage digital transactions. It is denied that there is any proposal under consideration of the Government to withdraw bank cheque book facility.
In this regard, it is emphasized that while the Government is committed to transform India into a less cash economy and promote digital and electronic transactions through multi-pronged initiatives, cheques are an integral part of the payments landscape, and form the backbone of trade and commerce, by being negotiable instruments, which often serve as the security for underlying trade transactions.
In fact, the Union Finance Minister, in the Budget Speech 2017-18, had announced, “As we move faster on the path of digital transactions and cheque payments, we need to ensure that the payees of dishonoured cheques are able to realise the payments. Government is therefore considering the option of amending the Negotiable Instruments Act suitably.”
DSM/SBS
When foundation of reopening does not survive, no addition can be made in respect of other issues - ITAT In…
GSTN Advisory & FAQs related to Electronic Credit Reversal and Re-claimed Statement and RCM Liability/ITC Statement To ensure correct and…
It is well settled that if any receipt cannot be subjected to tax being exempt under law, negligence of any…
Since UPGST Authorities unable to inform when notice sent by GSTN Portal may have been retrieved or downloaded, no inference…
High Court declines plea of assessee that Income Tax Department wrongly read amount of cash deposit of Rs. 250000 Cr…
Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…