Economy

Government to Re-Introduce Rs 1000 Banknotes Soon

Srinagar: A man displaying Rupee one thousand notes after Central goverment order of demonetisation of 500 and 1,000 rupee Indian currency in Srinagar on Wednesday. Credit: PTI/S Irfan

A man displaying Rs 1,000 notes after central goverment order of demonetisation of 500 and 1,000 rupee Indian currency in Srinagar on Wednesday. Credit: PTI/S Irfan

New Delhi: The government will re-introduce Rs 1,000 banknotes in a few months and also issue a new series of lower denomination bills with enhanced security features.

The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing. These are being replaced with new currency bills of Rs 500 and Rs 2,000.

“In a few months, Rs 1,000 notes with new features will be brought into the market,” said economic affairs secretary Shaktikanta Das while addressing the Economic Editor’s Conference here today.

The currency notes of lower denominations of Rs 100 and Rs 50 will continue to be the legal tender, he said, adding that the RBI will come out with a new series of such notes with new designs and added security features.

Following the demonetisation of  Rs 500 and Rs 1,000 notes, banks today started distributing new notes of Rs 500 and Rs 2,000.