It appears that the ₹1,000 note, which was declared as scrapped by Prime Minister Narendra Modi just two days ago, will come back in a different avatar.
Secretary, Department of Economy Affairs, Shaktikanta Das on Thursday said new ₹1,000 notes will be re-introduced over the next few months with enhanced security features and a different colour.
He further said that all denomination of notes will be reintroduced with new design and new features but didn't indicate a timeline for that move. He emphasised that existing ₹100, ₹50 and other denominations will continue to be valid.
After reports of massive chaos on the streets in the wake of the currency swap move, Finance Minister Arun Jaitley also said that people depositing small amounts won't face any harrassment. However, those bringing large amounts are likely to face consequences.
The government said on Wednesday warned that the cash deposits above ₹2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty if the cash deposited in bank accounts doesn't match with income declared.
Delhi: People queue up outside banks in Khan Market to exchange scrapped notes after Govt announcement to withdraw Rs 500/1000 notes pic.twitter.com/9FpmmAP0UY— ANI (@ANI_news) November 10, 2016
With agency inputs