Prime Minister Narendra Modi announced various new schemes on December 31 while addressing the nation on the eve of New Year.

The deadline to deposit the defunct currency was completed by December 30.

In continuation of the process of demonetization, PM spoke to the public on television on Saturday night.

In his speech, Prime Minister offered relief to poor and middle class people in addition to senior citizens, pregnant women, farmers and small businesses for supporting the government in fighting against black money.

PM applauded the support of the public for the past 50 days since the initiation of demonetization of higher currency notes in the country.

PM emphasized that the fight is against dishonest people and not on honest people. He assured that the government would ease the difficulties of common people.

Narendra Modi announced discount of 4 per cent and 3 per cent on housing loans of ₹9 lakh and ₹12 lakh under the Pradhan Mantri Awaas Yojana for poor and middle class people.

In order to support small and medium traders, PM assured to increase the credit guarantee scheme for loans up to ₹2 crore.

He anticipated the increase in the amount would help them to get more funds to expand their business and improve their potential.

PM Modi assured farmers that government would bear the interest for 60 days on their loans to help minimize their expenses.

Government would convert farmers’ credit cards to RuPay cards in the coming 3 months so that farmers can easily buy and sell what they need.

District cooperative banks and societies will be provided an extra ₹20,000 crore from NABARD.

Senior citizens will be provided with an interest of 8 per cent on deposits of ₹7.5 lakh for 10 years under the new scheme.

To reduce the mortality rate, PM announced ₹6,000 for pregnant women which will be transferred to their accounts in the select 650 districts for vaccination and pre-natal care.

Image credit: Arrival of Narendra Modi, Prime Minister of India image by G20 Argentina is licensed under CC BY 2.0

Image Reference: https://www.flickr.com/photos/g20argentina/45378999534/