"You are possibly aware of a law about Benami property in our country which came into being in 1988, but neither were its rules ever framed, nor was it notified. It just lay dormant," Modi said in his monthly 'Mann ki Baat' radio address.
"We have retrieved it and turned it into an incisive law against Benami property. In the coming days, this law will also become operational," he said.
The Prime Minister also spoke about some who are devising "newer wily ways and means" to counter the government's fight against corruption.
"Everyday many new people are being taken into custody, currency notes are being seized, raids are being carried out. Influential persons are being caught. The secret is that my source of such information are people themselves," he said.
"Information being received from common citizens is many times higher than that being obtained through the government machinery," he added.
Defending the frequent changes in rules after demonetisation, he said: "The government, being a sensitive government, amends rules as required, keeping the convenience of the people as its foremost consideration, so that citizens are not subjected to hardships.
"To counter these new offensives, we too have to devise appropriate new responses and antidotes. When the opponents keep on trying out new tactics, we have to counteract decisively since we have resolved to eradicate the corrupt, shady businesses and black money."
He also said that rumours spread by some people that political parties enjoy various concessions and exemptions "are wrong".
"Some people are spreading rumours that political parties enjoy all kinds of concessions. These people are absolutely in the wrong. The law applies equally to all. Whether it is an individual, an organisation or a political party, everyone has to abide by law and everyone will have to," he said.
Modi sought suggestions for 'Mann Ki Baat':
The Prime Minister Narendra Modi had invited suggestions on topics and themes from public for his monthly 'Mann Ki Baat' radio address.
He had asked the people to share their suggestions for this year's last such programme, to be aired on December 25, by calling on a toll free number or through a mobile application dedicated to inputs.
Those interested in giving their suggestions could had either call the toll free number 1800-11-7800 and record their message in English or Hindi or had downloaded the 'Narendra Modi' app from his website.
Modi's year-ending 'Mann Ki Baat' address on December 25 -- which besides being the Christmas Day also happens to be former Prime Minister Atal Behari Vajpayee's birthday -- aired at 11 a.m. on All India Radio.
(With inputs from agencies)