Sunday July 21, 2019
Home Uncategorized Acknowledging...

Acknowledging Inconvenience caused to People, PM Narendra Modi says Demonetisation will End all Problems

Modi said corruption was at the root of all problems and that he was shocked that some people were criticising him for taking steps to fight it

0
//
Prime Minister of India Narendra Modi.(Representational image) Wikimedia

Muradnagar, December 3, 2016: Prime Minister Narendra Modi on Saturday acknowledged the inconvenience caused to people by demonetisation and said it was a move that would end all the problems, including poverty, corruption and black money in India.

He also warned those who were stashing their black money into the Jan Dhan accounts of the poor.

NewsGram brings to you latest new stories in India.

Addressing a rally here, Modi said the November 8 decision to spike high value currency notes had rattled those who hoarded large quantities of black money and the rich were now queuing up in front of the houses of the poor and “honest are queuing up in front of banks”.

He said the inconveniences caused by demonetisation would ease in 50 days. “There will be hardships for now, but things are already improving. I salute citizens of the country,” he said, adding it was a queue that would put an end to all other queues in the country.

People, he said, were cribbing about long queues outside banks and ATMs and reminded “them there was a time when people would line up for buying oil and food”.

He took a dig at previous governments and said political parties in power in the past had worked only for themselves and for their near ones but not for the poor.

Go to NewsGram and check out news related to political current issues

“Has this country not been held back by corruption? Don’t we need to weed out this corruption? Will this corruption go away on its own?” he asked.

Modi said corruption was at the root of all problems and that he was shocked that some people were criticising him for taking steps to fight it.

“I am surprised that in my own country some people are accusing me. Is it a sin that those who were looting country were now being made accountable?”

Look for latest news from India in NewsGram.

He said he had no vested interest. “I am a fakir (hermit). I will pack my bags and leave”.

The Prime Minister said poverty needed to be eradicated from big states if India was to progress.

“To eradicate poverty from the country, we first need to eradicate poverty from the bigger states like Uttar Pradesh, Bihar, Maharashtra, West Bengal,” he said. (IANS)

Next Story

Demonetisation, Aadhaar Spurred Digital Payments Growth: RBI

Pointing to a major area for improvement, the study showed that only three per cent of the population in India used the Internet to pay utility bills in 2017

0
long term impact on Real Estate
Demonetisation aided with RERA and GST will put long term impact on Real Estate. Pixabay.

After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer (eKYC) resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of India.

Transactions in which both the payer and the payee use digital modes to send and receive money are referred to as digital or electronic payments.

India recorded an accelerated growth rate of over 50 per cent in the volume of retail electronic payment transactions in the last four years, said the report titled “Benchmarking India’s Payment Systems”.

The growth in 2018-19 was largely due to the steep growth in Unified Payments Interface (UPI), it added.

“In India, the smartphone revolution has seen an explosion in digital payment options, from e-Money to the Unified Payments Interface (UPI) to a combination of the two. After demonetisation, the use of e-Money picked up on a very large scale,” the findings showed.

The digital landscape changed with higher usage of e-Money, UPI, Aadhaar Payments Bridge System (APBS), RuPay, and Bharat Bill Payment System (BBPS), among others.

With 3,459 million e-Money transactions, India was only behind Japan and the US (data on China not available) in 2017 with respect to volume of e-Money transactions, the report said.

The study revealed that over the years, the number of debit and credit cards also increased considerably in India.

Aadhaar Card Reader Logo. Source: Wikimedia

India had 331.60 million and 19.55 million debit and credit cards respectively at the end of 2012. The numbers grew to 861.7 million and 37.49 million respectively at the end of 2017.

By March 31, 2019, the number of debit and credit cards issued were 925 million and 47 million, respectively.

However, the study showed that the cost of digital transactions was a factor inhibiting their growth.

Merchants have to cash out or transfer to their banks accounts at a cost and at times these costs are passed on to the consumer.

“A few countries have tried to regulate costs to ensure that the charges are not usurious, but the jury is still out on whether such a regulation promotes the growth of digital payments. With banks pushing and merchants pulling, it isn’t clear if such caps will discourage the use of cash,” the report added.

Also Read- Huawei Planning to Launch a new Variant of P30 with 12GB Memory

Pointing to a major area for improvement, the study showed that only three per cent of the population in India used the Internet to pay utility bills in 2017.

The report compared the payment ecosystem in India with the systems and usage trends in other major countries such as Australia, Brazil, Canada, China, France, Germany, Britain and the US. (IANS)