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Rs 1,000 note will be back, but we don’t know when

By Newsd
Updated on :
Source: The Indian Express

RBI is set to launch a new series of Rs 1,000 notes soon. These new notes will successfully replace the earlier note of Rs 1,000 which were seized during the demonetisation drive reported a senior government to The Indian Express. The Indian Express. As per the official the Reserve Bank of India has began with the production of the new Rs 1,000 note. The initial plan, as per reports, were to launch the new notes in January. However it has been delayed to meet the needs of the supply of Rs 500 notes.

Unclear about the time of release of the new notes to the market, this new note just like the new Rs 500 and Rs 2000 notes, will carry newer designs and better security features. After the note-ban drive, the new notes are being issued to replace Rs 15.44 lakh crore worth of demonetised currency notes.

A report  from RBI on January 27 cleared that the notes in circulation, comprising all denominations including Rs 2,000 and Rs 500, 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. While a bulk of the currency that was demonetised has been deposited into banks, the RBI is yet to provide the exact data.
As demonetisation settles in Indian roots, the cash withdraw limits were also being raised to Rs 50,000, in one week defying the earlier limit of Rs 24,ooo per week. In fact, the withdrawal limits will seize to continue after the 13th of March.
We can hope that the transactions in Rs 2,000 notes may become convenient with the introduction of Rs 1,000 denomination notes. When enquired from RBI about the release of data on the old notes deposited in the banks, RBI Governor provided an estimate instead of a fixed number.

“Given that the window is open until March 31 and then at a lower level until June 30, we need to be careful and try as hard as possible that this is a number that is not a mere estimate but a verifiable number, both physically and in accounting stance,”  RBI Governor Urjit Patel.