10 things Modi may say on demonetisation on New Year's Eve
1) Elaborate on black money crackdown and I-T raids success
According to sources, over Rs 2500 crore have been unearthed by the Income Tax department across India, post demonetisation, hence the prime minister is likely to blunt the opposition attack by citing multiple raids.
2) Extension of cash withdrawal curbs on banks and ATMs
Current limit of cash withdrawal from ATM and banks is Rs 2500 per day and Rs 24,000 per week respectively. Due to a continuous cash-crisis in the banking system, the prime minister may extend the deadline of cash curbs further.
3) Rollout mass connect campaign to spread awareness of govt efforts
Sources have told India Today that Modi is likely to rollout a mass connect programme, each minister will be asked to spread the benefits of demonetisation in 10 districts.
4) Special sops for farmers for Rabi crop season
With Rabi season on the anvil, farmers have faced difficulties to procure fertilisers and seeds without hard cash. There could be special sops given to aid them.
5) Take a stock of currency released by RBI & money deposited with the central bank
So far, RBI had only released 12.44 lakh crore as official figure of old notes being deposited, PM will clear the air on whether the entire 86 percent notes in circulation were deposited. In doing so, he runs the risk of being caught by the opposition which will question his hidden black money claim.
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| The prime minsiter will address the nation on New Year's Eve. [Photo: Indiatoday.in] |
6) Ask banks to lower interest rates to benefit middle class
As banks are flushed with funds, RBI refused to lower the rates and passed the onus on individual banks to ease lending rates. PM could send a message to banks to lower interest rates on home loans and auto loans for middle class.
7) Impact of demonetisation on tax collection and income declaration scheme
Post demonetisation government has claimed tax collection has increased; it also rolled out second round of income declaration scheme for tax evaders. PM is likely to mention these facts to counter opposition's attack.
8) Digital payment campaign & sops for small traders
PM has pushed for digital economy in the past 50 days with new initiatives by I-T department; more incentives could be announced for small traders to make digital transaction lucrative.
9) Impact on counterfeit currency crackdown and terrorism funding
PM could stress on how after taking out old notes of 500 and 1000, terror funding has been hit and counterfeiting of notes has ended.
10) Tighten noose around tax evaders post demonetisation
There could be a tougher warning given to those still laundering money and misusing Jan Dhan accounts etc, PM could stress on penal action ahead for such unscrupulous behaviour.