RBI not considering re-introduction of Rs 1,000 currency notes: Report

The Reserve Bank of India (RBI) is not likely to re-introduce Rs 1,000 currency notes. Over the last few months, there have been speculations around the reintroduction of Rs 1,000 currency notes following RBI's announcement to withdraw Rs 2,000 currency notes from circulation in May.

However, the central bank is not in consideration of the reintroduction of Rs 1,000 note, news agency ANI reported citing sources.

Earlier this year, RBI Governor Shaktikanta Das too had said there was no proposal to re-introduce Rs 1,000 notes as speculated by many after the surprise withdrawal of Rs 2,000 notes from circulation.

"That's speculative. There's no such proposal right now," the RBI Governor said while responding to a question on speculation that Rs 1,000 notes may be reintroduced.  

On withdrawal of Rs 2,000 notes, the RBI had said that Rs 2,000 denomination banknote was introduced primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of Rs 500 and Rs 1,000 currency notes.

It said the objective of introducing Rs 2,000 notes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2,000 banknotes was stopped in 2018-19.

Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7.

From October 8, people were given the option to get the currency exchanged or get the amount credited in their bank accounts at 19 offices of the RBI.

Following the demonetisation of Rs 500 and Rs 1,000 bank notes in November 2016, the RBI had introduced Rs 2,000 notes, along with new Rs 500 notes for speedy remonetisation.

(With PTI inputs)

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