December 29, 2016: As the 50-day period for depositing the demonetized notes is expiring on 30th December, Prime Minister Narendra Modi is likely to address the nation on New Year’s Eve through Doordarshan.
Though it is not clear what the speech will be about, speculation is that he might speak on the economy problems after the demonetization was announced.
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On November 8, prime Minister announced to demonetize Rs. 500 and Rs. 1000 notes to curb the black money generation and fake currency. The decision had a deep impact on the economy and lives of the people. It resulted in a major cash crunch as demonetization affected the 86 percent of the currency.
The RBI was not prepared and the government was not able to deal with the situation as the printing of replacement currency of Rs. 2000 notes and the new Rs. 500 notes was slow and was not able to meet the rising demand. Moreover, frequent changing of rules regarding the cash withdrawal and deposit has made the public more confuse.
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For the past few weeks, Prime Minister Narendra Modi has been urging people in the public meetings to bear the pain and has assured that once the 50-day period is over; the situation would start easing gradually.
On Tuesday, Modi met economists at a meeting in Niti Aayog to discuss the present economic condition of the nation.
Heading the government’s campaign on demonetization, Narendra Modi has a packed schedule in 2017. On January 2, he will be in Lucknow and then visit Patna on January 5. Though he has official engagements, but he is most likely to give a push to the cashless economy.
– Prepared by Diksha Arya of NewsGram. Twitter: @diksha_arya53