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Government To Launch New ₹1,000 Notes Soon, Claims Report

Not a day too soon.

21/02/2017 4:10 PM IST | Updated 21/02/2017 4:36 PM IST
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There is good news at last for those who have been grappling with getting the newly introduced ₹2,000 notes changed into smaller denominations. According to a report in the Indian Express, the government and the RBI are planning to start the circulation of new ₹1,000 notes.

The new currency notes are reportedly already being printed. In fact, the government had planned on introducing the notes in January itself but the currency printing presses were tied up with printing ₹500 notes because of rising demand.

On 8 November last year, in a much discussed move, the government demonetised all ₹500 and ₹1,000 notes in a bid to fight counterfeit currency and curb the parallel 'black' money economy. As a replacement, the government introduced newly designed ₹500 and ₹2,000 notes.

Images of what the new ₹1,000 note could possibly look like have already begun circulating on social media. Images of the ₹2,000 notes had also been leaked on social media before they were formally launched.

However, no one is quite sure when the new notes will be launched.

RBI governor Urjit Patel had announced on 8 February that, as of 27 January, the total value of all denominations of notes in circulation was ₹9.92 lakh crore. The RBI has also announced that data on the value of the new notes in circulation will be made public soon.

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