(iii)  The amendments to the Negotiable Instruments Act providing for electronic cheques and cheque truncation. (iv)  The Information Technology Act providing for recognition of digital signatures and consequent amendments to the Indian Evidence Act, Bankers’ Books Evidence Act are some of the recent initiatives undertaken in India.
In the more sophisticated economies, such as we have in South Africa, money is created by banking institutions through their lending and investment operations. The control over the money supply therefore becomes more difficult, and the central bank can only indirectly influence money creation with instruments such as interest rate variations, overall liquidity management, open market operations, and money market interventions.