NEWS

Government Has No Plan To Reintroduce ₹1000 Notes, Says Shaktikanta Das

"Focus will be on increasing production and supply of ₹500 and other notes of lower denomination."

22/02/2017 11:51 AM IST | Updated 22/02/2017 12:12 PM IST
Hindustan Times via Getty Images

NEW DELHI -- After reports surfaced of new ₹1000 and higher denomination notes coming into circulation, Secretary Economic Affairs Shaktikanta Das has refuted the notion. Earlier on Wednesday, Das took to Twitter to issue a clarification on the aforementioned matter.

"We have no plans of introducing new ₹1,000 notes," stated Das. "The focus will be on increasing production and supply of ₹500 and other notes of lower denomination," Das further clarified.

In a tweet that followed, Das assured that the request to monitor the withdrawal of cash is being assessed. "I request everyone to withdraw only the amount that is required, since excessive withdrawal of cash deprives cash for others," Das urged.

In December 2016, new ₹500 notes were released for circulation, aiming to ease the situation post demonetisation, the initiative taken by Prime Minister Narendra Modi-led Government in order to curb circulation of black money in the economy. After circulation of ₹500 and ₹1000 notes came to a standstill, rumours surfaced regarding a possibility in the introduction of completely new notes to be supplied.

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