Prime Minister Narendra Modi in his address to the nation at 7:30 pm on 31 December 2016 spelled-out the road-map after demonetisation.
The address came after the expiry of the 50-day period for depositing of demonetised notes. While announcing the landmark decision on 8 November 2016, he had asked the people to give 50 days for rolling it out.
In fact, this was his first address to the nation after the address in which he announced demonetisation of India’s biggest banknotes, that is, Rs 500 and Rs 1000.
Few announcements made include
For Pregnant Women
• Rs 6000 assistance will be provided to pregnant women; the assistance money will be transferred to their account.
For Small Businesses or Ministry of Micro Small and Medium Enterprises (MSME)
• The credit limit for small businesses was increased to Rs two crore from existing Rs one crore.
• In next three months, 3 crore Kisaan credit cards will be changed into RuPay card.
• The government will bear interest within 60 days of the credit that was used by farmers of India; this amount will be transferred into the accounts of farmers soon.
Housing loan schemes
• There will be a discount/subvention of 4 per cent on loans up to Rs 9 lakh and 3 per cent on loans up to Rs 12 lakh in the interest rate of houses that will be made in 2017. It will be available in urban areas under Pradhan Mantri Awas Yojana-Housing for All (Urban).
• Poor people of India who want to expand their homes in 2017 will be given a loan of Rs 2 lakh at an interest rate of 3 per cent less than the normal. It will be available in rural areas under Pradhan Mantri Awas Yojana-Housing for All (Rural).
• He also announced a scheme for Senior Citizens, in which for 10 years up to Rs 7.5 lakh will be capped at 8 per cent, so that the lower deposit do not hurt them.
Other Highlights of the Address
• He termed the demonetisation as a ‘Shuddhi Yagna’, which will help the citizens to breathe the air that is free of corruption and free of a disease that kept the country in a paralysed mode, at least in the case of development.
• Appreciating citizens for the trouble they faced in these 50-days, PM quoted a famous saying that is “Kuch Baat Hai Ki Mitty Hasti Nahi Hamari” and this defines the ability of citizens to fight against negativities that were available in India.
• He thanked citizens for bearing the troubles like standing in Queue for several hours in banks and ATMs to withdraw the money that is their own.
• Bank employees and other government agencies have been asked to give a solution to citizens in all cases of problems that is being faced due to demonetization by the citizens from urban to rural areas of India.
• He mentioned the parallel economy that existed in India for past few decades.
• He also informed that only 24 lakh people in India have claimed that their annual income is more than Rs 10 lakh.
• He informed that the flow of the black money in the market was responsible for increasing black marketing in the economy as well as terrorism and other wrong activities.
• He informed that bank employees as well as the other government officials who were involved in practices of corruption will not be spared.
• He called banks to think about the poor, lower-middle and middle class of India, as today you have enough money to do so. Today banks have so much money in their systems that it never had.