New Rs 1000 notes are coming; launch date unclear

The government will soon announce new notes of Rs 1,000 denomination but the specific dates for its launch is unclear.

The RBI, the government official said, has already started production of the new Rs 1,000 notes, it said. Image Source: Reuters

Highlights:

1.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up plans to launch a new series of Rs 1,000 notes shortly to replace the earlier note of similar denomination that was withdrawn from circulation on November 8 last year

2. The RBI has already started production of new notes of Rs 1,000 denomination

3. The central bank has not shared information of the total value of new currency notes of Rs 500 and Rs 2,000 that have been issued after the government's demonetisation move

The government is reported to launch new series of currency notes of Rs 1,000 denomination after scrapping the old currency notes of Rs 500 and Rs 1,000 for nearly three-and-half months ago, The Indian Express reported on Tuesday.

In a surprise move to curb black money, corruption and terrorism, prime minister Narendra Modi announced demonetisation of old currency notes of Rs 500 and 1,000 on November 8 last year as legal tender from the economy, which resulted in massive cash crunch across the country.

ALSO READ: India abolishes larger banknotes in fight against graft, 'black money'

According to the news report citing a senior government official, 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up plans to launch a new series of Rs 1,000 notes shortly to replace the earlier notes of similar denomination that was withdrawn from circulation in November 8 last year.

The RBI, the official said, has already started production of the new Rs 1,000 notes, it said.

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", it further added.

However, it is not clear when the government and the central bank will officially launch the new note of Rs 1,000 into the country's economic system.

To replace the old notes of Rs 500 and Rs 1,000 during demonetisation, 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, cited the news report.

The report quoting the central bank's deputy governor R Gandhi said as on January 27 new notes comprising all denominations including Rs 500 and Rs 2,000 were Rs 9.92 lakh crore.

The central bank has not shared information of the total value of Rs 500 and Rs 2,000 notes that have been issued.

ALSO READ: New Rs 500, Rs 2000 notes: Here are the new features

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