Here's what PM Modi is likely to announce on December 31

Prime Minister Narendra Modi. Pic: PIB

Prime Minister Narendra Modi is likely to address the nation at 7.30 pm on December 31, 2016, sources told Zee Business.

PM Modi is likely to announce steps that would make it easier to conduct digital transactions. Sources said that PM Modi may abolish charges currently applicable on digital transactions conducted through USSD.

USSD is a system where an individual can transfer money from their feature mobile phones. Sources said that a bank account will be linked to customer's mobile number and there will not be any need of an internet connection on the phone to make transactions.

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One can do transactions using their Aadhaar numbers and using their thumb impressions, sources said.

The address will follow the end of demonetisation drive that began on November 9, 2016 and ends on December 30, 2016. PM Modi on November 8, 2016 had said that citizens could go to banks and deposit Rs 500 and Rs 1000 notes till December 30, 2016. A total of 86% of currency in circulation, or around Rs 15.4 lakh crore was made illegal tender by the PM on that day in order to fight black money.

Since then, PM Modi has focused on digital currency and pushed India towards a less-cash society.

The Government had told the Supreme Court in early November that it expects nearly Rs 10-11 lakh crore to be deposited in banks by December 30, 2016. However, Reserve Bank of India (RBI) data in mid-December 2016 show that over Rs 13 lakh crore has already come back to bank deposits.

On Wednesday, Cabinet passed an ordinance making it illegal for people to hold more than 10 notes of old Rs 500 and Rs 1000. It said that that a fine of Rs 50,000 or a four year jail term will be awarded to anyone found with old currency post March 31, 2017.