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Demonetization Update: List of schemes/measures announced by PM Narendra Modi on 31st December 2016

Prime Minister Narendra Modi announced a dozen of schemes in his address to the nation on the eve of the new year. This was the first official address to the nation post 8th November demonetization and people expected perks for their patience during these last 51 days. The Prime Minister updated the nation with the details of the demonetization and presented facts and figures as well. The note bandi has prominently impacted black money, terrorism, naxalism, drug and human trafficking businesses he said and also announced several measures for farmers, pregnant women, home buyers, senior citizens, small and medium sector organizations. The RBI has now revised the daily ATM withdrawal limit from Rs. 2,000 to Rs. 4,500 however the weekly withdrawal limits remains the same Rs. 24,000 per week.

Top schemes and measures announced by PM Narendra Modi on 31st December 2016:

For senior citizens:

  • 8% interests on the deposits up to Rs. 7.5 lakhs for 10 years

Housing:

  • Rural housing: 33% more houses will be built under Pradhan Mantri Awas Yojna in the rural sectors. With the increase 4 crore affordable houses will be built instead of 3 crore in the rural areas.
  • Pradhan Mantri Awas Yojna beneficiaries will now get 4% relief on the loans up to Rs. 9 lakhs and 3% relief on loans upto Rs. 12 lakhs. This is applicable to the rural and urban beneficiaries both.

Farmers:

  • 60 days interest will be free on the farm loans, government will pay the interests on the loans for past 60 days provided the loans is from the cooperative banks and central banks
  • 3 crore Kisaan Credit Cards will be converted to RuPay cards. This will allow farmers to use the cards at AMT and for digital transactions
  • Increased funds of Rs. 20,000 to 41,000 crores will be given to NABARD to provides farms loans at the lower interest rates

Small and Medium Scale Enterprises:

  • Credit guarantee for small/medium entrepreneurs is increased from Rs. 1 Crore to Rs. 2 Crore
  • Income tax for small & medium entrepreneurs and traders will now be 6% instead of 8% as earlier if they use and promote digital payment modes

Women:

  • A financial assistance to Rs. 6000 will be provided to pregnant women to cover their delivery, vaccinations and nutritious meals. The aid will be deposited to their savings bank accounts
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