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Govt plans to relaunch INR 1000 note with new design

cash crunch inr 500 inr 1000 notes
Indian Government is planning to relaunch INR 1000 note with a new design. RBI has already started production of the new denomination notes.

Government of India and Reserve Bank on India have worked out on their plans to relaunch the discontinued denomination of INR 1000 with a new design. New notes of INR 1000 denomination were scheduled to launch in January this year, however, increase in the demand of INR 500 notes resulted in the delayed launch.

Indian Express, quoting a senior government official stated that the production of new INR 1000 notes has already started and the government will announce the launch of the notes shortly.

After demonetizing the old currency notes of INR 500 and INR 1000, government had launched new notes worth INR 500 and INR 2000 with better security features and improved design. The new currency, which is circulating in the market, is to replace the old currency worth 15.44 Lakh Crores which was termed illegal from the midnight of November 8th.

R Gandhi, deputy governor of RBI had said on February 8th that the total worth of notes circulating in the country as of January 27 was INR 9.92 Lakh Crore. However, he did not give individual values of INR 500 and INR 2000 rupee notes. From February 20th, the limit of withdrawal from savings accounts has been increased to INR 50,000 per week. The limit will completely be lifted from March 13th.

While asked about providing exact data of the notes which were deposited in banks post demonetization, a senior RBI official refused to comment saying that the window to deposit old currency notes has not yet closed. For the Indians who were abroad between November 8th and December 31st, the last date to deposit their old currency notes is 31st march and for the NRIs, the last date to deposit old currency notes is June 30th. The official said that before releasing any data, RBI needs to be sure and verify the numbers.

About the author

Kunwar Prithvi Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

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