Skip to main content

PM Modi promises cheaper bank loans soon

Modi says govt 'flexible' to provide relief to the poor as demonetisation is enforced

Prime Minister Narendra Modi on Sunday claimed banks had received deposits worth Rs 5 lakh crore since he announced the demonetisation scheme on November 8, and would  soon give loans at cheaper interest rates. 

Modi said his government wasn’t “obstinate” about implementing the scheme, and has shown “flexibility” to provide relief to the poor. 

The PM also seemed to suggest that the money recovered because of “note ban” will help government provide housing to the poor in rural areas by 2022. 

He also advised the poor to not let their Jan Dhan bank accounts be misused. Modi asked people not to allow others to deposit Rs 2.5 lakh in their accounts, with promises of getting a cut. “The law is strict. The account owner will get punished,” he said. 

Addressing a Bharatiya Janata Party election rally in Agra, the PM came across less combative than his speeches in Goa and Belgaum, Karnataka, on November 13, five days after his address to the nation on November 8. Modi pleaded he had forewarned of the inconveniences that people were likely to face. 

Over the past year, the PM’s speeches have focused on the schemes his government has launched for the welfare of the poor. But in a nuanced change, the PM on Sunday repeatedly referred to the “middle classes” to benefit from demonetisation in the form of cheaper loans from banks, better education for their children and cheaper homes. 

Modi persisted with his recent discourse that the rich loot the money meant for the poor. He said his demonetisation scheme, which he conceded to have impacted the poor and the middle classes, had dealt a grievous blow to the rich. 

The PM said banks would not keep the money deposited with them in some “vault”, but give cheaper loans to set up small businesses. “The poor and middle classes will get bank loans at cheap interest rates,” he said. 

Modi, who laid the foundation stone of his government’s housing scheme for the rural poor, said 267 square feet of houses would be constructed for the poor. He said his government will allow the poor to earn MNREGA wages if they construct their own house. He promised electricity supply and cooking gas connections to these houses. 

On his government’s commitment to provide electricity supply to 18,000 un-electrified villages, the PM claimed “95 per cent of the work is complete.” 

On demonetisation, Modi said he bows before India’s poor, its middle class, the educated, and the honest for having blessed the scheme. “I promise that your dreams will become a reality. I had asked for 50 days. I had forewarned that this will lead to some inconvenience, but I am surprised that the people of my country have supported me despite the inconvenience,” Modi said. He said the sacrifice of the poor, Dalits, tribals, middle class and women would not go in vain. 

The PM claimed he had promised in his speech on November 8 that he will regularly evaluate the scheme, and improve it if needed. 

He said one positive impact of demonetisation was municipalities and state electricity boards receiving unpaid property tax and power supply charges from the rich. 

In a reference to political parties opposing the move, the PM said the corrupt were angry with him. 

Without naming West Bengal Chief Minister Mamata Banerjee, he said people who helped “chit fund” companies rob the poor of their hard-earned money were no questioning him. 

While he didn’t name Bahujan Samaj Party chief Mayawati, the PM said the corpus of those who were selling MLA tickets was now nothing but a heap of scrap paper.

The Business Standard, New Delhi, 21 November 2016

Comments

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem

Don't forget to verify your income tax return in August: Here's the process

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s