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Govt has no plans to bring new Rs 1,000 currency notes: Shaktikanta Das

“No plans to introduce Rs 1,000 notes. Focus is on production and supply of Rs 500 and lower denomination notes,” Das posted microblogging site Twitter.

By: ENS Economic Bureau | New Delhi |
February 23, 2017 2:47:40 am
shaktikanta das, Rs 1000 note, reserve bank, RBI, 1000 note, 1000 currency note, old 1000 note, new 1000 note, Rs 1000 currency note, Rs 2000 note, Rs 500 note Shaktikanta Das

The government has no plans to introduce new Rs 1,000 currency note and the focus is on production of Rs 500 and lower denomination currency notes, economic affairs secretary Shaktikanta Das said.

Requesting people to withdraw only the required amount of cash from ATMs, Das said complaints of cash shortage are being addressed.

“No plans to introduce Rs 1,000 notes. Focus is on production and supply of Rs 500 and lower denomination notes,” Das posted microblogging site Twitter.

Das further tweeted, “Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others.”

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He assured that enough cash is available and logistics issues of reloading ATMs are being addressed more frequently.

In November 2016, while addressing the Economic Editors’ Conference in New Delhi, Das had said that the government will re-introduce Rs 1,000 bank notes in a few months and also issue new series notes of lower denomination with enhanced security features. “In a few months, Rs 1,000 notes with new features will be brought into the market,” Das had said.

Last week, finance minister Arun Jaitley had said that the currency is in surplus and the ministry is monitoring status of ATMs on a daily basis to sort out operational issues. “The Department of Financial Services is collecting details about money in ATMs.

There might be a few operational issues in some locations… I get report on a daily basis… we are monitoring it so that these kinds of situations do not arise. Currency as of now is in surplus, there is no shortage,” he had said.

Quoting a senior government official, The Indian Express had reported on Monday that the Reserve Bank of India (RBI) and the government have firmed up plans to launch a new series of Rs 1,000 notes shortly to replace the earlier note of similar denomination that was withdrawn from circulation following the November 8 demonetisation announcement.

To replace old notes of Rs 500 and Rs 1,000, the RBI had issued new notes of Rs 500 and Rs 2,000 which carried new designs, better security features and the picture of Mangalyaan on the back of the notes. The new notes are being issued to replace Rs 15.44 lakh crore worth of demonetised currency notes.

As on January 27, notes in circulation, comprising all denominations including Rs 2,000 and Rs 500, were Rs 9.92 lakh crore, RBI Deputy Governor R Gandhi said on February 8. The central bank has not shared information of the total value of Rs 500 and Rs 2,000 notes that have been issued. While a bulk of the currency that was demonetised has been deposited in banks, the RBI is yet to provide the exact data.

February 20 onward, the limit on cash withdrawals from savings bank accounts are being raised to Rs 50,000 per week from the earlier limit of Rs 24,000 per week.

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First published on: 23-02-2017 at 02:47:40 am

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