PM Modi, in his address congratulated people for backing the Government’s demonetisation exercise.
Highlights:
* Under PM Awaas Yojana in urban areas, 4% exemption on interest rates announced for home loans up to Rs 9 lakh and 3% for loans up to 12 lakh.
* In rural areas, people will get 3% exemption on home improvement loans up to Rs 2 lakh.
* Over the next three months, 3 crore Kisan credit cards will be converted to RuPay cards.
* Credit Guarantee for small traders (MSME) to be increased from Rs 1 crore to Rs 2 crore.
* 60 day interest waiver for farmers who lost out on seed procurement during the Demonetisation drive.
* If a trader has business of more than Rs 2 cr, then the tax calculation through digital payments will be calculated at a rate of 6%.
* Under a nation-wide campaign, Pregnant Women to get Rs 6,000 assistance.
* 8% interest rate will be guaranteed on deposits of up to Rs 7.5 lakh for 10 years for Senior Citizen; interest will be paid monthly.
Other Highlights of PM Modi’s speech:
* After Diwali, India took an important decision to curb black money which will have long term benefits.
* Overwhelmed by the support received for Demonetisation.
* Demonetisation is a purification campaign. India has been witness to a ‘shuddhikaran’ or purification drive.
* People of India have proved that honesty and truth matter a lot to them.
* Indians have displayed huge amount of discipline, patience and resolve.
* Corruption was choking India, Black Money crippled our country. But, the entire country is united now to end this menace.
* Officials have been told to concentrate on improving banking facilities especially in rural areas.
* Focus on digital and Cashless Economy. All efforts will be made to achieve it.
* We want that there be healthy cash to GDP ratio. Can’t have too much cash in the economy. Don’t want too little cash either.
* There are lakhs of people in every city who earn more than Rs 10 lakhs. But, only 24 lakh people in India have accepted it. This is a bitter truth.
* This Government is a friend of honest and aims to bring back dishonest on right track.
* Terrorism, Naxalism, Human Trafficking and Fake Currency rackets hit by Demonetisation.
* Banks have never had so much money in their systems ever before. They should start thinking about the poor, and neo middle class.
* We thank and appreciate honest bank officials. Corrupt will be punished.