NEW DELHI: Prime Minister Narendra Modi is likely to make another address to the nation on the notes ban on December 31. In a televised address on November 8, he had suddenly banned 500 and 1,000-rupee notes, a move aimed at eliminating corruption and black or undeclared money. A deadline for depositing old notes in bank accounts ends tomorrow, December 30.
Sources say PM Modi may speak about the steps likely to be taken to ease cash flow that has been a major problem since notes ban was announced. He may also speak on the steps to deal with the problems the economy faces after the government’s move.
The notes ban had taken out 86 per cent of the cash circulating in the economy at that time, and a massive cash crunch has followed, disrupting daily life, with people struggling to get new currency notes and holding back on spending, except for immediate and urgent needs.
In a new order, it has said that holding more than ten old notes after December 30 will be punishable with a 50,000 rupee fine.
As opposition parties attacked the Prime Minister for the hardships caused to people by the cash crunch, PM Modi promised that the problems would be eased within 50 days. That ends tomorrow, and ministers claim that the situation is now much better.
But political rivals like the Congress allege that the distress caused to the poor still continues. A united opposition disrupted parliament all through the winter session accusing the government of poor implementation of the demonetization and demanding that PM Modi explain the notes ban.
The government has said the Prime Minister was ready to speak in parliament but was not allowed to do so by the opposition.
PM Modi has asked people to support his fight against corruption by bearing with he has called “short-term pain” for “long-term gain.” His party the BJP has said that the evidence that people support PM Modi lies in the party’s strong performance and by-elections and civic polls held in several states after the notes ban.