Reserve Bank of India may issue the all-new Rs 1,000 note by December
After launching Rs 200 note for the first time time in history, Reserve Bank of India (RBI) may soon issue Rs 1,000 denomination bank note it had discontinued last year during Prime Minister Narendra Modi's demonetisation move.
BT Online Last Updated: September 19, 2018 | 14:19 IST
After launching Rs 200 note for the first time time in history, Reserve Bank of India (RBI) may soon issue Rs 1,000 denomination bank note it had discontinued last year during Prime Minister Narendra Modi's demonetisation move. The all-new Rs 1,000 currency note will come with enhanced security features and a new design.
According to a DNA Money report, the government will shortly start printing the new Rs 1,000 note to bridge the wide gap between the existing Rs 500 and Rs 2,000 notes.
The introduction of Rs 1000 notes could further ease daily transactions as the absence of any denomination between Rs 500 and Rs 2000 at present often make small transactions difficult. There were many reports soon after demonetisation that the government would eventually re-issue Rs 1000 notes, but months later there is still no official confirmation.
The government's decision to scrap Rs 500 and Rs 1,000 notes had created a massive cash crunch last year.
However, the DNA report suggests that the RBI is finally preparing to print Rs 1000 note at printing presses in Mysore and Salboni, and the new notes could be available within months.
"The printing presses at Mysore and Salboni are getting ready to print the brand-new Rs 1,000 notes with enhanced security features. The new notes could be issued as early as December 2017, the report said.
Last week, RBI issued the much-awaited Rs 200 denomination notes. The central bank's plan to add Rs 200 denomination note into circulation came as a big relief as there was no bank note between Rs 100 to Rs 500. The new Rs 200 notes, which aren't available at ATMs yet come with motif of Sanchi Stupa on the reverse. The base colour of the note is Bright Yellow.
Finance Minister Arun Jaitley had earlier put all the rumours regarding demonetisation of Rs 2,000 notes to rest, saying that the government is not considering banning Rs 2,000 notes.