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Modi defends note move as Indians line up for cash

Modi defends note move as Indians line up for cash

If one were to read the fine print of PM Modi's speech, he repeatedly spoke of the troubles that "the poor, the lower middle class, and the middle class" had to face because of demonetisation.

On Saturday night, Mr Modi also said his government would increase credit guarantees for small businesses and provide additional incentives for digital transactions.

3 crore farmers' credit cards will be converted to RuPay cards in the next 3 months for ease of buying and selling at any time. "Because it is necessary to understand the frustration of the citizens to build a developed nation" said PM Modi.

PM Modi spoke of all, seemed to feel for all, and hence announced incremental relief measures for all.

For senior citizens, 8 per cent interest rate will be guaranteed on deposits of up to Rs 7.5 lakh for 10 years; interest will be paid monthly.

The Congress Spokesperson said National Food Security Act already has special focus on women and entitles them to receive "maternity benefit of not less than Rs 6,000 and that there was nothing new in PM's announcement of the financial assistance for them".




"The money will be directly transferred to pregnant women bank accounts", he said, adding that it "will greatly help in bringing down maternal mortality rate".

Modi said it is shocking only 240,000 taxpayers have a declared income of Rs100,000 (about US$1,400).

Patience, discipline, resolve displayed by 125 crore Indians will play a critical role in shaping future of the nation for years to come, Modi said.

"We can not allow this fight against black money and corruption to stop or slow down", Modi said in his final remarks. He lauded the "sacrifice" that people were willing to make to weed out the deeply entrenched corruption from the system.

Terrorism, Naxalism, Drug Trade, Human Trafficking, all these problems depend on black money.Demonitasitaion has dealt a severe blow on them, he said. "During this period, bank employees worked late at night".

ATM queues and cash withdrawal limits mean getting currency can still be tricky, and there have been several changes of the rules around how much money people can access or deposit. As the PM pitched demonetisation as a battle between good and evil, it must be realised that it is only a first baby step in the war on black money and corruption and people expect many more to follow. He also asked the Prime Minister to share with the nation how many old currency notes had come back to the RBI and what the government plans to do with them. "This is why he said yesterday that the deposits of the people in the banks would be used for strengthening banking system and infrastructure", he said.

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