Don’t be so happy; Government has no plan to reintroduce new Rs 1000 notes

New Rs 1000 Notes
The Central government says it has no plans to reintroduce new Rs 1000 notes.

New Delhi, Feb 22: So the reports were baseless.  The Central government says it has no plans to reintroduce new Rs 1000 notes.

Shaktikanta Das, the Economic Affairs Secretary, Government of India, tweeted, “No plans to introduce Rs 1000 notes. Focus is on production and supply of Rs 500 and lower denomination notes. Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others.”

Experts saying that, while the overall weekly withdrawal limit of Rs 24,000 on savings accounts remains, the daily curb on cash from ATMs has been lifted. That’s one of the reasons ATMs are emptying out rapidly.

Yesterday, some media reported that the Reserve Bank Of India and the Central government has firmed up plans to launch a new series of Rs 1,000 notes  to replace the earlier note of similar denomination that was withdrawn from circulation following the demonetisation announcement on November 8, a senior government official told the Indian Express  reported.

The Reserve Bank official said, has already started production of the new Rs 1,000 note. According to the official, the initial 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”.
As on January 27, notes in circulation, comprising all denominations including Rs 2,000 and Rs 500, were Rs 9.92 lakh crore, Reserve Bank Deputy Governor R Gandhi said on February 8.
The RBI has not shared information of the total value of Rs 500 and Rs 2,000 notes that have been issued.
If the new Rs 1000 notes are issued, the transactions of Rs 2,000 notes are expected to become easier .
On November 8th, 2016 the Prime minister of India, Narendra Modi addressed the nation and announced that both Rs. 500 note and Rs. 1000 note stance invalid from that day’s midnight.