From Paper to E-money
News on 17th December 2009, UK: Cheques to be phased out by 2018. Personal experience on 8th November 2009, India: Cheques from cheque book of well known private sector bank ‘payable at par’ only in the city where cheque book was issued. In the UK, use of cheques is declining by 10% every year. In Sweden and the Netherlands, cheques are now virtually extinct. In India, we have a long way to go before we can seriously consider being in the league of paper-less transaction countries. Although giving us company are the US and France where successive administrators have seriously resisted the phasing-out of cheques even as cheque usage continues to decline. Coming back to India and the plethora of cash transactions that occur every day my first reaction was to sigh again. Then I decided to give it deeper thought. Even 5 years ago no one would have thought that a country with worrying UN and World Bank-type ‘Basic Facilities Depravation Statistics’ wo...