Prime Minister's first address to the Nation after demonetisation: Important announcements

Prime Minister Narendra Modi addressed the nation today i.e., December 31, 2016, his first since November 8, the day he announced a ban on circulation of old Rs 500, 1000 notes. 

Announcing a string of schemes during his New Year eve speech, the PM announced a string of schemes for the poor, farmers and senior citizens.

Prime Minister’s announcements:

Housing Schemes: Under PM Awas Yojana, two new schemes made.

In 2017, up to 9 lakh  loan, 4 % discount will be given; For up to loan of 12 lakh, there will be 3 % rebate. On 20 lakh of loan, 2 pc rebate will be given.  

Farmer’s Loan:  60 days of interest will be given and credit to their accounts. 

Kisan Credit Cards: Govt has also decided in the next 3 months, 3 cr kisan credit cards will be converted to Rupay cards.   Anywhere farmers will have to use these cards.

Credit Guarantee: MSME has an important contribution in society. For MSMEs, Govt. has decided to increase credit guarantee for them to 2 cr from 1 cr. NBFC loans will also be covered under this scheme. Banks should give loans, we take guarantee. Govt has told banks that cash credit limit for small enterprises be increased to 25 % from 20 %.

Tax Relief: Govt. decided to give tax relief to small businessmen some time back.  Now on their digital transactions, tax will be calculated on 6% of their income. 

Pregnant women:  A new scheme is being started. Rs. 6,000 will be credited to women's accounts for registration, delivery, vaccination, nutrition. To start with , only in 53 districts covered and only Rs 4000 will be given.

Senior Citizens: There are many senior citizens in india. For senior citizens -- on up to 7.5 lakh Rs deposit, yearly 8 pc interest will be there for 10 years.

Elections: There has been talk for simultaneous LS and Assembly polls. Now the time has come for a debate on this.

Digital Payments: People want digital payments now. The BHIM app was started  and I urge people to make use of it.  Let all scholars evaluate these policies of ours.

Prime Minister on Banking:

• There will be long term benefits if banks start thinking of the welfare of people beyond their traditional customers.
• Banks have never had so much money in their systems ever before. Banks should  start thinking about the poor, middle class and the lower-middle class.
• Some banks and some people were involved in serious corruption and they will not be spared.
• A balance has to be brought between cash in the system and being cashless.
• All concerned people are directed to restore normalcy in banking system, particularly in rural and far flung areas, to end difficulties of people.
• The law will come down hard against corruption. This government is a friend of the honest and an enemy of the dishonest.

Prime Minister on Black Money:

• In past few years Rs 1000, 500 notes were being used in parallel economy.
• High denomination notes were increasing flow of black money and increasing black marketing in the economy.
• The officials have been told to concentrate on improving the banking facilities especially in rural and distant places across the country.
• The problems which the people have faced for the betterment of the country is an example in itself.
• After Diwali, our country took an important decision to curb black money which will have long term benefits.
• Overwhelmed by people's support. This 'Shuddhi Yagna' we began had the people's support.