The Prime Minister Gives You Financial Incentives For The New Year

The Prime Minister Narendra Modi, addressed the Nation on 31^st December 2016 at 7:30 PM….The eve of the New Year. This was the Prime Minister’s First speech after demonetization and a lot of our citizens were eagerly waiting for this speech.

Citizens of our country have been standing in long queues at banks and ATM’s, waiting to withdraw money, they so badly need. But…brave citizens of our country were willing to endure all this hardship, with one and only purpose in mind….Destroy black money in the economy. This is what the Prime Minister had to say on black money and how it destroys our economy.

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The Prime Minister says why black money must be destroyed

The Prime Minister says…Human beings are basically good. But…over time corruption seeps in. Corruption, black money and counterfeit notes, have destroyed the social fabric of our country. Corruption whether we like it or not, has become part and parcel of our daily lives.

Crores of Indians are trying to escape from the suffocation of black money. Demonetization gives our 125 crore citizens, the ONE CHANCE to come out of the corruption of black money. As brave citizens of our country, stand in line to fight corruption, it’s time for some rewards.

Higher cash withdrawal in the New Year

As a New Year gift, from January 1^st 2017, you can withdraw INR 4,500 per day, per card at ATM’s. The weekly limit per bank account remains unchanged at INR 24,000.

The Prime Minister gives you an opportunity to buy your own home

The Prime Minister says….So many years have passed after Independence. Yet, the poor in our country, do not have their own home. Houses are out of the reach of even the middle class. The Government wants the poor, middle class and the neo middle class, to have their own home. The Prime Minister has launched two schemes under the Pradhan Mantri Awaas Yojana.

The number of houses which are being built for the poor under the Pradhan Mantri Awaas Yojana in rural areas, will be raised by 33%. Home Loans which are taken in 2017, by the poor and middle class up to INR 9 Lakhs, will receive an interest rebate of 4%. Home Loans which are taken in 2017 up to INR 12 Lakhs, will receive an interest rebate of 3%. Loans which are taken in 2017 up to INR 2 Lakhs, for extension of housing in rural areas, will receive an interest rebate of 3%.

Yes…Now the urban poor in our country can avail a home loan and buy their own home.

The Prime Minister gives a New Year gift to Farmers

• Farmers who have taken loans for the RABI crop from District cooperative Central banks and Primary Societies, will not have to pay interest on these loans, for a period of 60 days. What about farmers who have already paid interest during the last 2 months? These farmers will receive the interest they have paid in the last two months back into their bank accounts.

• National Bank For Agriculture and Rural Development also called NABARD, promotes agricultural and rural development in the country. NABARD had created a fund of INR 21,000 Crores last month. The Government has added another INR 20,000 Crores. Any loss which NABARD suffers by giving loans to cooperative banks and societies at low interest rates, would be borne by the Government of India.

• More than 3 Crore farmers who have Kisan credit cards will soon be given RuPay debit cards, within 3 months. The Government had launched Kisan credit cards way back in 1998. But, to use these Kisan credit cards, you would have to go to the bank. With RuPay debit cards, you can transact from anywhere.        

The Prime Minister gives a New Year gift to Small Traders

• The Government of India underwrites loans given by banks to small traders and businesses. This is done through a trust. The Government used to cover loans up to INR 1 Crore. The Government will double the loan guarantee scheme to INR 2 Crores. The scheme which used to cover only bank loans, will soon be extended to NBFC’s.

• Banks have been asked by the Government to raise the credit limit to 25%, from the current 20% for small businesses.

• Banks have been asked to increase working capital loans from 20% to 30%, for sales of enterprises that transact digitally.

• The Government wants small businesses to transact digitally. If small businesses with a turnover of up to INR 2 Crores transact digitally, they would get a reduction in tax liability, up to 6%.

The Prime Minister gives a New Year gift to Senior Citizens

In recent times, banks have been cutting interest rates on fixed deposits. Senior citizens have been getting less interest on their fixed deposits. The Government does not want Senior citizens to suffer.

The Prime Minister announced a new scheme. The Prime Minister in his speech to the Nation, said that senior citizens (who are above 60 years of age) would be given a guaranteed interest rate of 8%, on bank deposits up to INR 7.5 Lakhs, for a period of 10 years      .This interest will be paid monthly.

The Prime Minister gives a New Year gift to Pregnant Women

The Prime Minister wants to bring down maternal mortality rate in the country. The Prime Minister has announced a scheme, to provide financial aid to pregnant women, up to INR 6000. A Pregnant women will be provided INR 6000 to cover cost of hospitalization, vaccination and nutritional food. This amount will be directly transferred to the bank account of pregnant women. This should bring down, maternity mortality rate in the country.

Finally….The Prime Minister says… It’s time for all Political parties and leaders to move away from “holier than thou approach”. Political parties need to understand the anger of citizens and respect the feelings of honest citizens. Be Wise, Get Rich.