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Chennai April 25 The Tamil Nadu Chamber of Commerce and Industry has said that it is "shocked" by the decision of the Reserve Bank of India to consider the "illogical and ill-conceived" proposal mooted by its study group to charge fee on transfer of funds through paper-based cheques and drafts.

"We strongly object to the move intended to encourage bank customers to switch over to electronic fund transfers," said chamber President, Mr S. Rethinavelu, in a statement.

"Bank already slap unreasonable charges for issuing demand drafts and even for the supply of cheque books to customers. If the suggestion made by the study group is implemented, it will be counter-productive and discourage customers from routing transactions through banks," the statement added.

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