Health Care

Demonetisation: Last day to deposit scrapped notes

Demonetisation: Last day to deposit scrapped notes

"My effort is to take the banking system to normalcy as fast as possible in the New Year" is all that Modi could manage to offer.Economists point out that the remonetisation of notes have not crossed even 50% of the total demonetised notes of Rs 15.44 lakh cr.

Modi had said his government would end the chaos and restore normality in 50 days. Female employees too have worked late into night.

The misery has also taken subtler forms: migrant workers unable to send money home to their families, small businesses forced to close, a slowdown in sales of everything from SUVs to spinach.

He also went on to announce a monetary help of Rs 6,000 to every pregnant woman in all over 650 districts in the country, a scheme that he had initiated in Gujarat as the chief minister and which came under criticism for irregularities detected in the audit. Rs 4-5 lakh cr was expected to stay out of the banking system as black money hoarders were likely to find it hard to deposit in the face of stringent RBI norms. "While respecting the autonomy of the banks, I appeal to them to move beyond their traditional priorities, and keep the poor, the lower middle class, and the middle class as the focus of their activities", he said.

PM Modi during his speech mentioned that the app works on smartphones as well as feature phones.

Now the scheme is being implemented on a pilot basis in 53 districts with the benefit amount being Rs 4,000.

Oil unlikely to rise above $60 per barrel in 2017
Energy Information Administration (EIA) said U.S. crude inventories increased by 614,000 barrels for the week ending December 23. The weakness in oil prices on Thursday was linked to a surprise increase in USA oil inventory during the week to December 23.

-Loans of up to 2 lakh rupees taken in 2017 for new housing, or extension of housing in rural areas will receive an interest subvention of 3 per cent.

Centre will also help farmers who have taken loans; arrangements are being made to give them access to loans from even more institutions, said the prime minister, adding that farmers' KCC cards will be converted into Rupay cards.

For small entrepreneurs, credit guarantee raised from 1 crore to 2 crore.

Modi will seek to regain some of that goodwill when he makes a New Year's Eve address to the nation on Saturday.

In his speech, Modi did not spare his fellow political leaders either. "The PM should tell the people about how much black money came, what are the NPAs and also about the black money in Swiss accounts". 'This is the first instance in India's history when the government and the people have fought shoulder to shoulder.

"We can not allow this fight against black money or corruption to slow down", he said, and added that time has come for a serious debate on breaking the endless cycle of elections and cutting down on administrative expenses by holding Parliamentary and Assembly elections simultaneously. He concluded by asking the people to welcome the new year together for brighter future of the nation.


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