Rate Cut Post-demonetisation: Signals PM Narendra Modi

Rate Cut Post-demonetisation: Signals PM Narendra Modi

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21 November 2016: On Sunday in Agra PM Modi said that his government’s demonetisation trip would push banks to cut lending tax extensively, starting a renewal in financial activity in the country.

According to the sources, Prime Minister Narendra Modi said to Agra in a rally of BJP, restarting his movement for UP assembly polls, he said,  “Over Rs 500 lakh crore deposited with banks (so far after the decision to scrap old Rs 500 and Rs 1,000 currency notes) are not going to be kept idle. Banks will have to extend loans for all sorts of economic enterprise…for which they will have to bring down their interest rates.”

PM Modi inclined the money ban trip since mainly well for the poor and the middle class, repeating that the problem mostly faced by common citizens are brief.

As per the reports, PM Modi said, “Madhyam vaarg ka shoshann band hogaa aurr gareebon ko uskaa haq milegaa, (It will put an end to the exploitation of middle class and provide benefits to the poor).” He said a pair of time during his public assembly to moderate the hardship faced by people in depositing old money into their accounts and also in withdrawing notes from the ATM and banks. Declaring that this demonetisation move will put an end to the position which people affected to exchange their hard earn money to black money.narendra modi

PM Modi said to drive home the benefits for the middle class, “People were forced to convert white money into black money…This disease is on its way out.”

It learned that he cared weak Jan Dhan account holders against rental fee their bank accounts to black money holders. PM Modi said “Laws are strict; poor should beware…Keep your hands off others’ Rs 500 and Rs 1,000 notes…Don’t get caught in their trap for some cut they are willing to take.”

“I want to assure that your sacrifices will not go waste.Desh sone ki Tarah tap kar bahar niklega (country will appear shining like gold after gold furnace).”

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