The Prime Minister Narendra Modi will deliver a television speech at 7:30 PM and the speech is having an expectation that the honourable Prime Minister will be saying thanks to the country and the citizen for bearing with the difficulties caused by the cash crunch which involved his abrupt decision last month to cancel 500- and 1,000-rupee notes. The speech will be “feel-good” in tone and he will be share and discuss the effect of the concept called demonetizations on the lives of the people.
There are expectations that the PM will share plans for helping India and he will perhaps also reduce its dependence on cash transactions.
Here are the 10 latest developments in this story:
For now, how much money can be withdrawn from ATMs and banks will remain controlled. From tomorrow, it is the daily limit on ATM withdrawals will be reached up to Rs. 4,500 rupees from Rs. 2,500, but the weekly cap on withdrawals from bank accounts will remain with the certain amount of Rs. 24,000 rupees. The Reserve Bank of India has not indicated when the limits will be completed.
The deadline to exchange or deposit devalued high-value currency bills and it will be expired on this night. Till March 31, the forbidden notes can be turned in at the Reserve Bank of India but will not go through in all bank branches.
In a surprise announcement on November 8, the PM said in a speech that the using of old notes of Rs. 500 and Rs. 1000 will be illegal and he said by this he can control the demonetisation reform will crack down on tax evasion and corruption, and he has been widely praised for his intent.
The PM had made an emotional appeal to give him “just 50 days” to resolve the cash shortage. He also said that it should not be anticipated that this issue of note bank will be affected citizen of the country badly as well as particularly in rural India where banks are tough to access but all has been sorted out properly.
While cash shortages have eased somewhat, bankers and analysts said the situation will be normal now but it could last at least another six months. They said the move could hit economic growth and people can now have some job losses. The government disprove these predictions.
The PM also gives in a statement that this move will push India away from its enormous dependence on paper money and toward digital transactions eventually government has introduced a series of inducement and tax breaks in order to promote the use of debit and credit cards.
Yesterday, PM Modi launched the BHIM app, and this app will be announced that this will be able to allow payments with just the use of the customer’s thumbprint, he said.
No internet or smartphones will actually be needed for BHIM, which will draw on the Aadhaar or biometric database.
PM Modi may talk this evening about measures that will be introduced and then perhaps he will discuss the second phase of the demonetisation drive.
The notes will be cancelled amounted to a big amount of 86 percent of the cash in circulation. Experts say only about 40 per cent of the country’s ATMs has so far been rearranged to adjust with the changed of the size of the new notes.
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