Tue, May 23, 2017 | updated 06:28 AM IST

PM Modi announces post-demonetisation sops

Updated: Dec 31, 2016 22:07 IST      
PM Modi announces post-demonetisation sops

New Delhi [India], Dec.31 (ANI): Announcing several post demonetisation sops for the poor, middle class, pregnant women, senior citizens and farmers in a televised address to the nation, Prime Minister Narendra Modi on Saturday said that two new middle income categories have been created under the Pradhan Mantri Awas Yojana in urban areas; loans of up to nine lakh rupees taken in 2017, will receive interest subvention of four per cent and loans of up to 12 lakh rupees taken in 2017, will receive a interest subvention of three per cent.

He said that the number of houses being built for the poor, under the Pradhan Mantri Awas Yojana in rural areas, is being increased by 33 per cent, adding that in addition to this, another scheme is being put in place for the neo middle and middle class in rural areas and 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 three per cent.

Rejecting the impression that the agriculture sector has been destroyed as a result of demonetisation, Modi said in 43-minute-long address, "Farmers themselves have given a fitting reply to those who were doing so. Rabi sowing is up by six per cent compared to last year. Fertiliser off-take is up by nine per cent. During this period, the government has taken care to ensure that farmers do not suffer for want of access to seeds, fertilisers and credit. Now, we have taken some more decisions in the interest of farmers."

He further stated, "Farmers who have taken loans for the Rabi crop from district cooperative central banks and primary societies, will not have to pay interest on such loans for a period of 60 days. Farmers, who have paid interest during the last two months, will receive these amounts back, directly into their bank accounts."

He said that arrangements are being made to provide farmers even better access to loans from cooperative banks and societies.

"NABARD created a fund of 21,000 crore rupees last month. Now, the government is adding 20,000 crore rupees more to this. The loss that NABARD suffers by giving loans to cooperative banks and societies at low interest rates, shall be borne by the Government of India," he added.

"The government has decided that three crore farmers who have Kisan Credit Cards, will be given RuPay debit cards within three months. Kisan Credit Cards were launched in 1998, but so far, it was essential to go to a bank, to use them. Now, farmers will have RuPay Debit Cards, which they can use anywhere," he said.

"Just as agriculture is vital for the economy, so are the medium and small scale enterprises also called the MSME sector? The government has taken some decisions in the interest of small and medium businesses, which will also boost employment.

"Government of India underwrites loans given by banks to small businesses through a trust. So far, loans were covered up to one crore rupees. This limit is now being enhanced to two crore rupees. Earlier the scheme only covered bank loans. Hereafter it will cover loans given by NBFCs as well. This decision will enable better access to credit for small shop-owners and small enterprises. Banks and NBFCs will not levy high interest on these loans, as the Government of India is bearing the cost of underwriting them," he added.

He said that the government has also asked banks to raise the credit limit for small industry from 20 per cent of turnover to 25 per cent.

Banks have also been asked to increase working capital loans from 20 per cent of turnover to 30 per cent, for enterprises that transact digitally.

Many people connected with this sector have made cash deposits in the last few weeks. Banks have been asked to take this into account when deciding on working capital.

"A few days back, the government announced a major tax relief for small businesses. Income of businesses with turnover of up to Rs 2 crores was calculated at eight percent of the turnover. Now, for such businesses, income from digital transactions will be calculated at six percent. This will effectively reduce their tax liability by 25 percent," the Prime Minister said.

"The progress of the MUDRA Yojana has been very encouraging. Last year, nearly three-and-a-half crore people have benefited from this. The government now aims to double this, giving priority to Dalits, Tribals, Backward Classes and Women. A new scheme is being launched for pregnant women," he said.

"We are introducing a nation-wide scheme for financial assistance to pregnant women. 6000 rupees will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children. This scheme will help reduce the maternal mortality rate, in a big way. This will help ensure nutrition before and after delivery, and improve the health of mother and child. So far, pregnant women in 53 districts were being given financial assistance of 4000 rupees, under a pilot project," he added.

"We are initiating a scheme for senior citizens. Banks often reduce their deposit rates, when they receive a large volume of money. This should not adversely impact senior citizens. Under the scheme, senior citizens will receive a fixed interest rate of eight per cent for a period of ten years, on deposits up to 7.5 lakh rupees. The interest will be paid monthly.

PM Modi had last addressed the nation on November 8, when he suddenly abolished 500 and 1,000 rupee notes in a decision aimed at combating corruption and black or undeclared money.

The Prime Minister's move took out 86 per cent of the money in circulation and he had requested people to allow him 50 days to ease the cash crunch that followed, promising that the "short term pain" would be followed by long-term gain."

A deadline to exchange old notes at banks ended yesterday (Friday, December 30.)

As part of the demonetisation drive, how much money can be withdrawn from ATMs and banks will remain controlled for now. Starting tomorrow (January1), the daily limit on ATM withdrawals will go up to Rs. 4,500 rupees from Rs. 2,500, but the weekly cap on withdrawals from bank accounts stays capped at Rs. 24,000 rupees. The Reserve Bank of India has not indicated when the limits will be relaxed or removed.

The opposition united in attacking him for failing to anticipate how hard the notes ban would affect people, particularly in rural India where banks are tough to access.

While cash shortages have eased somewhat, bankers and analysts said the situation is far from normal and could last at least another six months. They said the move could hit economic growth and lead to job losses and a drop in demand for goods. The government has refuted these predictions. (ANI)

Bengaluru/Mumbai (Karnataka/Maharashtra) [India], May 23 (ANI): Reacting to Bollywood actor Paresh Rawal's furore tweet, Bharatiya Janata Party (BJP) leader Shaina NC on Tuesday said to drag any woman into this controversy irrespective of her ideology needs to be think over again.

Full Story >>

AIMPLB's u-turn on Triple Talaq victory for Muslim women: BJP

Updated: May 23, 2017 06:04 IST     

New Delhi/Mumbai (Maharashtra) [India], May 23 (ANI): Expressing contentment over the affidavit submitted by the All Indian Muslim Personal Law Board (AIMPLB) in the Supreme Court, the Bharatiya Janata Party (BJP) on Tuesday said the board has realised its mistake and has thus taken a u-turn.

Full Story >>

New Delhi [India], May 23 (ANI): While hoping for a positive change following an affidavit submitted by the All Indian Muslim Personal Law Board (AIMPLB) stating to advise brides and grooms not to resort to triple talaq in one sitting, the Congress Party on Tuesday said it signifies the board's realisation to take some action in regard to the issue.

Full Story >>

Nagpur (Maharashtra) [India], May 23 (ANI): Defence experts on Tuesday applauded the move of the Indian Army to award Major Gogoi, adding that no security personnel would have adopted such non-violent measure in order to save so many lives.

Full Story >>

New Delhi [India], May 23 (ANI): The Delhi High Court will on Tuesday begin hearing in the fresh defamation case filed by Union Minister Arun Jaitley against Delhi Chief Minister Arvind Kejriwal, after the latter's counsel Ram Jethmalani confirmed that Jaitley was called a 'crook' after being instructed by his client to do so.

Full Story >>

Telangana Govt. to clear PRC dues

Updated: May 23, 2017 01:15 IST     

Hyderabad (Telangana) [India], May 23 (ANI): Telangana Chief Minister K. Chandrashekar Rao has decided to pay Pay Revision Commission (PRC) dues to the government employees.

Full Story >>

TRS parliamentary party meet to be held on May 27

Updated: May 23, 2017 01:15 IST     

Hyderabad (Telangana) [India], May 23 (ANI): The Telangana Rashtra Samithi parliamentary party and legislature party meeting, under the Chairmanship of party president and Chief Minister K. Chandrashekhar Rao will be held on Saturday.

Full Story >>

India-Africa together can shape the future of world: Jaitley

Updated: May 23, 2017 01:15 IST     

New Delhi [India], May 23 (ANI): Terming the African Development Bank's (AfDB) annual meeting organized in India this year as a new chapter in India-Africa relationship, Union Finance Minister Arun Jailtey said both the countries together shape the future of the world.

Full Story >>

Leave travel concession case: Hearing to continue today

Updated: May 23, 2017 01:15 IST     

New Delhi [India], May 23 (ANI): The Patiala House Court will on Tuesday continue hearing in the Leave Travel Concession (LTC) case against Rajya Sabha member Anil Kumar Sahani.

Full Story >>

New Delhi [India], May 22 (ANI): After an Indian national was arrested from the F-8 area of Islamabad on Sunday over allegedly possessing inadequate travel documents, the Maharashtra Anti-Terrorism Squad (ATS) got in touch with the Centre to probe if the 'Nabi', who figured in the interrogation, is the same 'Nabi', who had connections with the (SIMI) in 2005-06.

Full Story >>

Ashoke Pandit supports Paresh Rawal with 'heart and soul'

Updated: May 22, 2017 23:11 IST     

Mumbai (Maharashtra) [India], May 22 (ANI): Hours after Bollywood actor and Bharatiya Janata Party (BJP) MP Paresh Rawal raked up a Twitter storm after he took a jibe at noted writer Arundhati Roy, filmmaker and social activist Ashoke Pandit came in support of the saffron party leader asserting that Roy has always been an 'anti-national' person.

Full Story >>

Lucknow (Uttar Pradesh) [India], May 22 (ANI): Uttar Pradesh's Social Welfare Minister Ramapati Shastri on Monday denounced media reports that the Yogi Adityanath-led government was planning to scrap 20 percent quota for minorities in welfare schemes.

Full Story >>

Biopic makers have been unjust to us: Neerja Bhanot's brother

Updated: May 22, 2017 23:02 IST     

Lucknow (Uttar Pradesh) [India], May 22 (ANI): Producers of the movie 'Neerja' Atul Kasbekar, along with the owners of Bling Entertainment are reportedly embroiled in a legal battle against the Bhanot family as they have received a notice of arbitration from Neerja Bhanot's brothers, Akhil and Aneesh, for a breach of contract.

Full Story >>

Swamy defends Paresh Rawal's tweet on Arundhati Roy

Updated: May 22, 2017 22:44 IST     

New Delhi [India], May 22 (ANI): Supporting Bollywood actor and Bharatiya Janata Party (BJP) MP Paresh Rawal's controversial tweet where the latter took a jibe at noted writer Arundhati Roy, party leader Subramanian Swamy on Monday said that the stone pelters would love to hit a woman who "is not loyal to her own country."

Full Story >>

Srinagar (Jammu and Kashmir) [India], May 22 (ANI): Major Leetul Gogoi, the Army officer who tied a man to the bonnet of a jeep as a 'human shield' against a stone-pelting mob in Jammu and Kashmir, has been awarded by Chief of Army Staff's (COAS) Commendation Card for his sustained distinguished service till now in counter-insurgency operations in the state.

Full Story >>

Guwahati (Assam) [India], May 22 (ANI): The National Investigation Agency (NIA) Special Court in Guwahati on Monday convicted 15 people, including former militants, elected representatives and government officials in two cases in connection with terror-funding in Assam.

Full Story >>

Radha Mohan Singh assigned additional charge of Food Ministry

Updated: May 22, 2017 21:23 IST     

New Delhi [India] May 22 (ANI): Minister of Agriculture and Farmers Welfare Radha Mohan Singh on Monday was given the additional charge of Ministry of Consumer Affairs, Food and Public Distribution.

Full Story >>

AIMPLB endorses its affidavit on triple talaq filed in SC

Updated: May 22, 2017 21:11 IST     

Lucknow (Uttar Pradesh) [India], May 22 (ANI): Hours after the All Indian Muslim Personal Law Board (AIMPLB) filed an affidavit in the Supreme Court stating that it would advise the Qazis to tell the brides and grooms to not resort to triple talaq in one sitting, AIMPLB member Zafaryab Jilani on Monday asserted that anyone who attempts it should be boycotted from the community.

Full Story >>

New Delhi [India] May 22 (ANI): The Centre on Monday requisitioned 15 more teams of the Army for currency verification and processing system machines.

Full Story >>

CBI registers case against Chotta Rajan's aide

Updated: May 22, 2017 20:54 IST     

New Delhi [India], May 22 (ANI): The Central Bureau of Investigation (CBI) on Monday registered a case against Chotta Rajan's aide Mukund Kanhailal Patel after he confessed to have worked for the gangster.

Full Story >>