Modi defends bank note move as Indians line up for cash

Stay connected with us to know time, schedule and details of PM’s speech tonight.

After his inaugural address, Modi, at a tea ceremony at the varsity, will hold a brief conference with about 50 people, including the Nobel laureates, eminent Indian scientists, other dignitaries and top officials, he said.

Now the scheme is being implemented on a pilot basis in 53 districts with the benefit amount being Rs 4,000.

Adding that tomorrow’s experts will come from investments made today, the Prime Minister said that his government is committed to support different streams of scientific knowledge with emphasis on innovation.

For farmers, he announced that banks will not charge interest for 60 days on loans taken from district cooperative central bank and primary societies for rabi crop. “In rural areas, loans of upto Rs 2 lakh taken for either new housing or renovation, will receive an interest rebate of 3 percent”, he said.

– All pregnant women will get Rs 6,000 in their bank accounts in an attempt to reduce child and woman mortality. Part of this was demonetisation, the taking of the old Rs 500 and Rs 1,000 notes out of circulation.

“The decision to give relief to farmers on interest payments and conversion of three crore Kisan Credit Cards into Rupay cards will be very helpful”, he said. After all, there is a reason why 45 percent of formal bank lending is concentrated among 300 large companies in India. In the next 20 days, reports suggest that more than Rs 14 lakh crore could have come back as deposits.But if one expected Prime Minister Modi to be transparent and release those numbers in his New Year speech, there was disappointment.

People in India have until the end of Friday to deposit discontinued notes in bank and post office accounts, or risk their money becoming worthless.

Chief Minister Arvind Kejriwal on Tuesday said demonetisation by the Narendra Modi government has failed in curbing both the black money and corruption. “On the day of announcement of demonetization, Modi was saying with great confidence and telling people to see what happens on December 30, but nothing has happened”, he told reporters.

“This government is a friend of the honest and in favour of putting the dishonest in the path of truth”.