Govt to soon re-introduce Rs 1,000 currency note with new features

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Union Finance Minister Arun Jaitley delivers the inaugural address at the Economic Editors’' Conference-2016 on November 10
Union Finance Minister Arun Jaitley delivers the inaugural address at the Economic Editors’’ Conference-2016 on November 10

Department of Economic Affairs secretary Shaktikanta Das on November 10 announced that the Rs 1,000 currency note, which was withdrawn on November 8 midnight, would be re-introduced with a new design and security features. It will also have a new colour, he added.

He announced this at the Two-day Economic Editors’ conference-2016 which was also attended by Union Finance Minister Arun Jaitley.

This apart, all denomination of currency notes will be reintroduced replete with new designs and features, media reports quoting Das said.

Contrary to rumours, the Reserve Bank of India clarified that GPS-nano chip has not been inserted in the newly introduced Rs 2,000 currency note as part of its security features. The new note not only comes with the design of Mangalayan on its back, but also has special features for the visually impaired.

All banks, both public as well as private, have opened on November 10 and the process of giving old Rs 500 and Rs 1,000 notes for new ones has begun. But the rush was not without its share of chaos that usually follows such pressing situations. People cutting lines and others rebuking them for doing so was commonplace.

More than 3,000 paramilitary and police personnel, quick reaction teams were deployed across New Delhi to secure banks as the banks re-opened for the first time on November 10 after the demonitisation process.

Any account holder can deposit money up to Rs 2.5 lakh and there will be no cross-questions asked. But if the amount is more than Rs 10 lakh, and doesn’t match with the declared income then it would be treated as tax evasion. Such amounts would invite a penalty of 200 per cent of the tax payable plus tax as per Section 270(A) of the Income Tax Act, said media reports.

Most banks made at two of their employees stand outside the gate so as to guide people with forms and other instructions. However, details of the form aside, nearly all customers seemed to know the limited amount for exchange and deposit.