Rs 1000 notes to make a come back

February 21, 2017 16:02
Rs 1000 notes to make a come back

RBI is planning to remonetise the Rs 1000 notes shortly. The Reserve Bank of India (RBI) may introduce a new series of Rs 1,000 notes, to replace the earlier notes of similar denomination. RBI has already started the production of new Rs 1,000 notes.

An unofficial, statement says that the note is supposed to be introduced in January, but “it has been delayed due to the pressing need to supply Rs 500 notes”. It is not clear when the new Rs 1,000 note will be introduced.

As on 2017, January 27, notes in circulation, comprising all denominations including Rs 2,000 and Rs 500, were at an amount of Rs 9.92 lakh crore, RBI Deputy Governor R Gandhi said. The RBI has not released any data on the total value of Rs 500 and Rs 2000 notes in circulation.

RBI Governor Urjit Patel has said that the specific data on the value of new notes released into the economy will be disclosed soon.

Number of steps have been taken to smoothen the cash crunch following the demonetisation. From February 20 onwards, the limit on cash withdrawals from savings bank accounts are being increased to Rs 50,000 per week from the earlier limit of Rs 24,000 per week. From March 13, all limits on cash withdrawal from savings bank accounts will be removed.

By Premji

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