Is Rs 1,000 Currency Notes Round the Corner?

By Consultants Review Team Friday, 20 October 2023

The Reserve Bank of India (RBI) is unlikely to reintroduce Rs 1,000 notes. Following the RBI's order to withdraw Rs 2,000 currency notes from circulation in May, there has been conjecture about the reintroduction of Rs 1,000 currency notes in recent months.

However, the central bank is not considering reintroducing the Rs 1,000 note, according to ANI, citing sources. Earlier this year, RBI Governor Shaktikanta Das stated that there was no plan to reintroduce Rs 1,000 notes, as many had assumed following the unexpected withdrawal of Rs 2,000 notes from circulation.

"That's just speculation." "There is no such proposal at the moment," the RBI Governor stated in response to a question about the possibility of reintroducing Rs 1,000 notes.   Following the withdrawal of Rs 500 and Rs 1,000 currency notes, the RBI stated that the Rs 2,000 denomination bill was launched largely to address the monetary requirements of the economy in a timely way.

It stated that the goal of launching Rs 2,000 notes was achieved once banknotes of other denominations became available in sufficient quantities. Therefore, the printing of Rs 2,000 banknotes was suspended in 2018-19.

Initially, the public and entities possessing such notes were instructed to exchange or deposit them in bank accounts by September 30. The deadline was later pushed back to the seventh of October. People have had the option of having their money exchanged or the amount deposited to their bank accounts at the RBI's 19 offices since eight of Ocer. Following the demonetization 500 and Rs 1,000 bank notes in November 2016, the RBI issued Rs 2,000 notes, as well as new Rs 500 notes, to facilitate rapid remonetization.


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