No proposal to re-introduce 1,000 rupee notes: Finance ministry

August 29, 2017 22:38

Within days of introducing new 200 rupee notes, the finance ministry today ruled out re-introduction of Rs 1,000 currency bills that were scrapped as part of the demonetisation move last November.

"There is no proposal to reintroduce 1,000 rupee note" said Economic Affairs Secretary Subhash Chandra Garg in a tweet.

The statement comes amid reports that the government may re-introduce Rs 1,000 notes.

The government had announced the withdrawal of old Rs 500 and Rs 1,000 currency notes on November 8, 2016, with an aim to check black money, counterfeit notes and terror financing.

The Reserve Bank on August 25 had launched a bright yellow Rs 200 notes to ease pressure on lower-denomination currency bills and also fill the "missing link" between Rs 100 and Rs 500 currency.

Post demonetisation on November 9 last year, the Reserve Bank had introduced Rs 2,000 notes and also issued new Rs 500 bills with additional security features.

Besides 200 rupee notes, Rs 50 currency bills with new look was also introduced earlier this month.

The RBI has already announced that it would be ramping the supply of Rs 200 notes.

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