Government planning to remonetize Rs 1,000 note

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Since, the government’s demonetisation stunt of legal tender of high currency notes of Rs 500 and Rs 1,000 on November 8, 2016, to eradicate corruption and inter-border transfer of revenues to terrorists, the Reserve Bank of India (RBI) came up with an innovative design and security on Rs 500 and Rs 2,000 notes.

However, it appears that government is about to issue new Rs 1,000 notes in the crisis-ridden economy.

The new notes are being issued to replace Rs 15.44 lakh crore worth of demonetised currency notes.

The printing of new Rs 1,000 note has already begun and it may be introduced soon. The Reserve Bank of India (RBI) had planned to launch the new note in January but it was delayed as the central bank was pre-occupied with pressing need to supply Rs 500 notes.

The introduction of Rs 1,000 notes will make the transactions Rs 2,000 notes easier as people were strangled in market places and railway stations due to the unavailability of lower currency notes.

From February 20 onwards, the limit on cash withdrawals from savings bank accounts is being raised to Rs 50,000 per week from the earlier limit of Rs 24,000 per week.

To deposit old currency notes, NRIs had the deadline of March 31 but now the deposit window is open until June 30.

Meanwhile, CPI(M) general secretary Sitaram Yechury has reacted abruptly to reports of re-introduction of Rs 1,000 note and slammed PM Modi for his unexpected move to ban the circulation of old Rs 500 and1,000 notes.