Paper cheques were manually exchanged for the last time in Mauritius Monday, marking the end of the era of physical clearing of cheques in the country, according to a PANA report.
At an official ceremony at the Port-Louis Automated Clearing House at the Bank of Mauritius Tower, Rundheersing Bheenick, the Governor of Bank of Mauritius, said cheques are now history in most countries.
'We are moving to a cashless society, we look forward to the next stage which will entail making a greater use of electronic money,' he added.
Bheenick urged the banks to advance the process by providing cashless facilities and e-clearance of cheques at branch levels so as to have a full-fledged truncation system whereby customers can benefit from a reduction in the number of days taken to clear cheques.
He said this will result in a quicker transfer of funds.
There are 20 banks in Mauritius.