No proposal to reintroduce Rs 1,000 note: Economic Affairs Secretary

Back in February this year, the Indian Express had reported that the Reserve Bank of India and the government had firmed up plans to launch a new series of Rs 1,000 notes to replace the earlier note of similar denomination.

By: Express Web Desk | New Delhi | Updated: August 29, 2017 5:43 pm
RBI, Rs 1000 note, new Rs 1000 note, Rs 1000 notes, Reserve bank of India, RBI Rs 1000 note, Economic affairs secretary In a bid to crackdown on black money and corruption, the BJP-led government at the Centre demonetised Rs 500 and Rs 1,000 notes in November last year. (Representational image)

Clearing the air on the speculation over reintroduction of Rs 1,000 notes, Economic Affairs Secretary Shubhash Chandra Garg on Tuesday said there’s no such proposal to reintroduce it, as reported by PTI. Back in February this year, the Indian Express had reported that the Reserve Bank of India and the government had firmed up plans to launch a new series of Rs 1,000 notes to replace the earlier note of similar denomination that was withdrawn from circulation following the November 8 demonetisation move. Also Read: Now India has new Rs 50 and Rs 200 notes; have you got one yet?

The senior official, who had spoken to the Indian Express in February, had said the RBI has already started production of the new Rs 1,000 note. As per the official, the plan was to introduce the new Rs 1,000 note in January but “it has been delayed due to the pressing need to supply Rs 500 notes”. Also Read: Rs 1,000 note to be back in new avatar, but not clear when

In a bid to crackdown on black money and corruption, the BJP-led government at the Centre demonetised Rs 500 and Rs 1,000 notes in November last year. Soon after the introduction of new Rs 500 and Rs 2,000 notes in November-December 2016, ATMs across the country were calibrated on a war footing as close to 86 per cent of the currency in circulation was withdrawn in the wake of demonetisation of old Rs 500 and Rs 1000 notes. The ATM recalibration delayed the supply of notes, creating chaos in bank branches across the country.

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