Highlights of PM Modi's new year address

Modi described demonetisation as a Yagna conducted to get rid of black money and corruption. Demonetisation has long term benefits, though people have to stand in long queues for many hours.

Highlights of PM Modi

Prime Minister Modi, while presenting the report card of demonetisation, said government will take steps to bring banking operations back to normalcy in 2017.






Modi described demonetisation as a Yagna conducted to get rid of black money and corruption, he said it it has long term benefits, though people have to stand in long queues for many hours.

He thanked the people for their patience, which enabled the government to take such strong measures against money launderers. He said even great leaders might have been surprised by the will power of common people.

"It is shocking that only 24 lakh citizens admitted that their salary is above Rs 10 lakh under Income Tax, " said,  Modi, adding that law will take its own course, and honest people will be honoured for paying taxes. Many citizens have now come to mainstream by leaving their shady businesses forever, further added Modi.




The huge cash inflow will now benefit banks, and three lakh Kisan credit card will be converted to RuPay, to benefit farmers.

But corrupt and money launderers will be punished severely, added Modi. 
Under Prime Minister’s Awas Yojana two new housing schemes for poor and middle class will be announced and 33 % more homes will be built in rural areas.

Modi said, home loans for poor and middle class up to Rs 9 lakh will now get 4 % exemption on interest and up to Rs 12 lakh will get 3 % exemption.

Government will release Rs 6000 assistance to pregnant women and the amount will be be transferred to their accounts. Senior citizens will get fixed rate of 8 per cent interest for up to deposit of Rs 7,50,000. He asked banks to launch schemes to benefit poor and middle class.

Modi urged youth, small merchants and all sections to start cashless digital transactions via recently launched Bhim app, by just their thumb.