NEW DELHI | (PTK): Prime Minister Narendra Modi is addressing the nation on the notes ban, which he announced on November 8 without warning as a big step to check tax evasion. The deadline to deposit banned 500 and 1,000 notes in banks ended yesterday. Restrictions on the withdrawal of money from banks and ATMs are likely to continue. The notes that were cancelled amounted to a whopping 86 percent of the cash in circulation. Since the ban, 14 lakh crores have been deposited in banks and six lakh crore new notes are in circulation. In multiple raids over the past 50 days, over 3,000 crores have been seized in undisclosed wealth. Finance Minister Arun Jaitley has said that tax and revenue collections are up. As the next step in his war on corruption the Prime Minster has pitched a transition to a cashless economy and the government has announced several incentives for making digital payments.
Here are the live updates of his speech:
- 125 crore Indians will welcome the new year with new decisions, new spirits.
- India has become witness to a shuddhikaran (purification) drive.
- For coming years, this will decide the course of things to come.
- Humans feel suffocated by the evils brought in over time. He tries to break free from them.
- Our lives had been entangled in black money, corruption; Had forced the honest people to kneel before it.
- They had no choice but to accept it.
- What happened after Diwali shows Indians were looking for a way to beat it. (PTK)