31 Dec '16, 6pm

India's #NarendraModi unveils handouts, tax breaks after cash ban

NEW DELHI (AFP) - Indian Prime Minister Narendra Modi on Saturday (Dec 31) unveiled a series of cash handouts, cheaper loans and tax breaks for women, farmers and businesses as he defended the move to ban high-value banknotes. In a New Year's Eve address, Modi thanked people for their "patient sacrifice, discipline and resolve" in supporting the withdrawal of some 85 per cent of all bills in circulation, which he said had laid the foundation for a better India. His televised remarks followed the expiry of a deadline for people to swap their old 500 rupee (S$10) and 1,000 rupee notes for new ones on Friday. The Indian leader has been widely hailed for his assault on tax evasion but long queues outside banks, a cash crunch and policy flip-flops since the Nov 8 announcement quickly led to anger in some quarters. "The troubles faced and the sacrifices made by the people to bui...

Full article: http://www.straitstimes.com/asia/south-asia/indias-narend...

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