On new year’s eve PM Modi offers sops to poor, farmers, traders

Modi also announced that the number of houses being built for the poor, under the PMAY in rural areas, is being increased by 33 per cent. In response to a Right to Information request, the Reserve Bank of India refused to disclose the reasons behind the decision to withdraw approximately 86 per cent of the country’s currency, citing a specific provision of the RTI Act.

Prime Minister Narendra Modi announced the scrapping of high-denomination currency notes on November 8, and subsequently sought 50 days to put things in order.

This shift in strategy has been prompted by Prime Minister Narendra Modi’s message to banks reminding them that they can’t ignore smaller entities of Indian business who are crucial for employment generation.

The government has put a weekly cap on how much an individual can withdraw from an account at 24,000 rupees, but many banks were only handing out 10-15,000 rupees to clients because they did not have enough cash to go around, said Harvinder Singh, general secretary of All India Bank Officers’ Association, which represents almost 300,000 bankers. “Political parties, political leaders and electoral funding figure prominently in any debate on corruption and black money. India has become witness to a shuddhikaran (purification) drive”, he said. How much of the new currency has the RBI released to ease the pain of ordinary people? It will be an example for generations… How honest will gain from the Government.

-Bank employees and authorities along with people have done extraordinary work during demonetisation and I am aware that there have been reports of a few indulging in corruption. “Don’t you think the fight against black money and corruption deserves more power?” he asked.

“The hardships that the countrymen have gone through will be a burning example of sacrifice for the bright future of our nation”, Modi said in an address to the nation.

It didn’t come in time.

In his 43-minute address, which sounded like a budget speech, Mr Modi tried to reach out to a cross-section of people.

The Congress Spokesperson said National Food Security Act already has special focus on women and entitles them to receive “maternity benefit of not less than Rs 6,000 and that there was nothing new in PM’s announcement of the financial assistance for them”. Now it’s Rs 4,000 in 53 districts. Loans of upto Rs 9 lakh taken in 2017 will receive interest rebate of 4 percent; loans of upto Rs 12 lakh taken in 2017 will receive interest rebate of 3 percent, according to Modi. “The scheme will cover hospital admission, vaccination and nutritional food”, said Modi.

8% interest rate will be guaranteed on deposits of up to Rs 7.5 lakh for 10 years for senior citizens.

Raining sops on the small, medium and micro enterprises (SME) sector, Modi announced loans up to Rs.2 crore.

Besides, the cash credit limit for small businesses has been raised to 25 per cent from 20 per cent.

Modi said that farmers who have taken loans for the Rabi crop from district cooperative central banks and primary societies, will not have to pay interest on such loans for 60 days.

The procedure would cost at least $1,500, far more than what she and her husband had in their bank account.

For next three months, 3 crore credits will be converted to RuPay cards.