Rs 1000 notes not coming. Reports you read earlier were wrong, says government

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New Delhi | Updated: August 29, 2017 5:52:11 PM

The government has denied reports about the return of Rs 1000 currency notes.

Rs 1000 notes, Rs 1000 note, Rs 1000, Rs 1000 note u turn, Rs 1000 rbi, Rs 1000 banOld series of Rs 1000 currency notes were banned last year. (IE file)

The government has denied reports about the return of Rs 1000 currency notes to the market. Department of Economic Affairs Secretary Subhash Chandra Garg on Tuesday tweeted, “There is no proposal to reintroduce 1000 rupee note.” Garg’s statement comes in the wake of an “exclusive” media report on Monday claiming the RBI is planning to re-launch a new series of Rs 1000 notes by the end of this year.

English daily DNA had reported on Monday that the Reserve Bank of India would shortly start the printing of new Rs 1000 note in order to bridge the game between Rs 500 and Rs 2000 notes. Sources had told DNA that preparation for the design and printing of Rs 1000 is on a “full swing”.

Last year on November 8, Prime Minister Narendra Modi had announced the decision to scrap old Rs 500 and Rs 1000 notes. Since then, the government has not given any hint of the return of the Rs 1000 note. However, speculations about the return of Rs 1000 note were made by some media reports in February.

PM Modi had announced the decision to ban Rs 500 and Rs 1000 notes in an unprecedented bid to curb the flow of black money in the country. The surprise troubled people across the country as everyone went out of cash suddenly. For 50 days following November 8, the RBI had put restrictions on the withdrawal of money from banks and ATMs, leading to serpentine queues in front of them.

The demonetisation move was, however, heavily criticised by the opposition, who claimed it was the result of ‘one man’s ego’ and termed it an unplanned mistake by the BJP-led government at the Centre. Protests were held at scores of places as people stood in front of banks and ATMs for hours.

So far the RBI has not declared the total number of old notes it collected from people after November 8.

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