Prime Minister Narendra Modi is addressing the nation second time in 51 days on note ban announcement.
In his shock announcement on 8 November, Modi had declared India’s 86% currency in circulation illegal. His decision, which was followed by countless U-turns and more than one policy announcement every day saw millions stand in queues to get their hands on their own hard-earned money deposit in banks.
More than 100 people are said to have died due to demonetisation related stress. But, PM Modi promised that the normalcy will be restored after 50 days adding that he was willing to face the punishment of people’s choosing anywhere in India if his promise turned out to be untrue.
You can watch his address live here;
Here are some highlights of his speech;
- Rs 6000 assistance will be provided to pregnant women; the assistance money will be transferred to their account
- Banks have been asked to raise cash credit limit to small business to 25% from 20%
- In next three months, three crores kisaan credit cards will be converted to RUPAY cards
Rabi crop sowing up by 6%; fertilizer sales up 9% despite doomsday predictions by critics
- Government will bear the first 60 days’ loan interest of farmers who had borrowed money from banks for Rabi sowing
- 3% interest waiver on loan upto Rs 2 lakh for construction of houses in rural India, under PM Awas Yojana
- 4% interest rate exemption on Rs 9 lakh loans for home and 3% interest rate exemption on Rs 12 lakh loans
- Under Prime Minister Awas Yojna, we’ve made two schemes
- PM announcing some new ‘projects’ for ‘poor’ people
- People of this country have been facing all difficulties in their fight against evil
- Kuch baat hai ki hansti mitti nahi hamaari, says Modi
- I know you had to face difficulties to withdraw your own money in the last few days. You had to stay in queues for hours
- I’m trying to get the banks back to normalcy in the new year
- The problems which the people have faced for the betterment of the country is an example in itself
- In the recent past, Rs 500 and Rs 1,000 notes were used in normal economy less and parallel economy more. They were contributing to inflation and black market
- Let me share one data. According to data, only 24 lakh people in the country have declared that their salary is above Rs 10 lakh under Income Tax. Can you believe this? Are there only 24 lakh people in that income bracket?
- It is known world wide that Naxalism, terrorism,counterfeit note business get help from black money
- My one decision on demonetisation has adversely impacted the black market, people who indulged in terrorism and violence