Demonetisation: Modi thanks people for enduring note ban pain

Prime Minister Narendra Modi on Saturday unveiled a relief package for farmers, senior citizens, small enterprises, women and the rural poor as a return gift of sorts for enduring the pain caused by the Centre’s decision to scrap the legal tender nature of old ₹500 and ₹1,000 notes. He also acknowledged that crores of citizens had to stand in queues for hours to withdraw their own money.

Linking the surge of black money to the unavailability of affordable housing for the poor and the middle class, Mr. Modi announced a special scheme under the Pradhan Mantri Awaas Yojana to provide an interest subvention of 4 per cent on loans up to ₹9 lakh and 3 per cent on loans up to ₹12 lakh for urban housing.