Rs 1,000 notes may make a comeback in new avatar with better security
The Reserve Bank of India last week launched the bright yellow Rs 200 denomination notes
The Rs 1,000-denomination note may be making comeback after its legal tender status was withdrawn in the demonetisation measure announced on November 8 last year. According to a source-based DNA report, the government will soon start printing the new Rs 1,000 notes with enhanced security features as compared to its predecessor.
Citing a person close to the development, the report said that work on the design and paper for printing the new Rs 1,000 notes was in full swing and that they could be out and in your wallets as soon as December this year. The person told the news agency that the Mysore and Salboni printing presses were getting ready to print the new currency notes.
Why bring back the Rs 1,000 note?
An unnamed banker explained the rationale behind the move, telling DNA that the new Rs 1,000 notes were meant to bridge the gap between the current Rs 500 and Rs 2,000 notes. The source added that the Rs 2,000 note would continue to exist.
Focus on lower value denominations clear
Reserve Bank of India (RBI) last week launched the bright yellow Rs 200 denomination notes and said it would shortly ramp up the supply of the new currency note across the country.
Long queues of people were witnessed at RBI offices on Friday to get the new Rs 200 currency note that has been introduced for the first time by the central bank.
The RBI has launched the Rs 200 note with an aim to make it easier for the common man to transact in lower denomination currencies.
These notes are available only through “select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually,” the RBI had said in a release.
The production of these notes is being “ramped up by the currency printing presses, and over time as more notes are printed, it will be distributed across the country through the banking channels and will be available for public in adequate quantity”, the release said.
Source by business-standard..