Need to make Indian banks an important currency in international trade, says PM Modi

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Launching a special series of coins “suitable for the visually impaired”, Prime Minister Narendra Modi said on Monday that there was a need to focus on transforming national banks and currency into important parts of the supply chain and the international trade.

Inaugurating the week-long events organized by the Ministry of Finance and Commercial Affairs as part of ‘Azadi Ka Amrit Mahotsav (AKAM)’, to celebrate 75 years of independence, Modi released a special series of Re 1, Rs 2, 5, 10 and 20 pieces. The coins will have the “AKAM” design but are not commemorative coins and will be part of circulation.

Modi also launched the Jan Samarth Portal – a credit-linked portal for 13 government programs.

“Previously, it was up to the people to go to the government to get the programs. Now the focus is on people taking ownership of governance and liberating them from the rigamarole of circling different ministries and websites…this portal will improve the lives of students, farmers, business men and women. business and MSME entrepreneurs, and help them realize their dreams,” says Modi.

He said the government is focused on simplifying the reforms. “The GST has now replaced the network of many Central and State taxes. The country also sees the result of this simplification,” he said, adding that it has become normal for GST collection to exceed Rs 1 trillion every month.

Modi said more emphasis has been placed on making it easy for young people to open the business of their choice, easily set up their businesses and manage them easily. “Therefore, by reducing over 30,000 compliances, abolishing over 1,500 laws, decriminalizing many provisions of the Companies Act, we have ensured that Indian companies not only grow but reach new peaks,” he said.

Speaking on the occasion, Finance Minister Nirmala Sitharaman said, “Jan Samarth is part of the Prime Minister’s People’s Seva to enable and facilitate the common citizen.”

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