Demonetisation: No plan to bring back Rs 1,000 notes again, says Shaktikanta Das

By: | Updated: February 22, 2017 1:07 PM

Economic Affairs Secretary Shaktikanta Das has today confirmed that there is no plan to introduce Rs 1,000 notes. He also added that currently the focus of the government is on production and supply of Rs 500 and lower demonetisation notes.

Currently the focus of the government is on production and supply of Rs 500 and lower demonetisation notes. (ANI)

Economic Affairs Secretary Shaktikanta Das said today that the Centre has no plan to re-introduce Rs 1,000 notes and the focus of the government is on raising the production of lower denomination currencies. Taking to Twitter he also added that complaints on shortages cash in ATMs are being looked into. He also urged the people of the country to avoid withdrawing more money than they need.

“No plans to introduce Rs 1000 notes. Focus is on production and supply of Rs 500 and lower denomination notes,” he tweeted.

“Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others,” he said in another tweet.

Finance Minister Arun Jaitley had last week said the remonetisation scenario with regard to replenishing the banned currency is “almost normal” now and the Reserve Bank is observing the supply on a daily basis.On November 8, PM Narendra Modi had announced withdrawal of old Rs 500 and Rs 1,000 currency notes, with an aim to check black money, fakenotes and terror financing.

Recently, some reports have suggested that after the demonetisation ban, the Rs 1,000 note is coming back in a new form, as the Reserve Bank of India (RBI) and the government are gearing up to bring the note back into circulation.

A senior government official was quoted as saying that the new note was supposed to be introduced into the cash flow in January. However, due to the sudden hike in demand for Rs 500 notes after the cash crisis, the government channeled its efforts into meeting that demand.

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As per the report, the upcoming influx of Rs 1,000 notes are set to replace the demonetised notes which were worth a total of Rs 15.44 lakh crore. Back in November when demonetised had been announced, the government had issued new Rs 500 and Rs 2,000 notes – these were to fill the vacuum of demonetised notes worth Rs 9.92 lakh crore that had been taken out of circulation.

(With inputs from PTI)

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