RBI to roll out new Rs 1,000 notes, printing underway: report
Initial plan was to introduce the new Rs 1,000 note in January but �it has been delayed due to the pressing need to supply Rs 500 notes".
After the Reserve Bank of India (RBI) introduced Rs 2000 and Rs 500 notes, the central banking body is reportedly introducing a new series of Rs 1,000 notes soon, to replace the scrapped notes of the similar denomination.
According to a report in The Indian Express, a senior government official said that RBI has already started production of the new Rs 1,000 note.
The report, citing the official, said the initial plan was to introduce the new Rs 1,000 note in January but “it has been delayed due to the pressing need to supply Rs 500 notes”.
However, it is not clear when the new notes of Rs 1000 will be officially introduced into the market.
After PM Modi announced demonetisation on November 8, RBI had sent out Rs 2,000 notes along with Rs 500 notes in new design and proportion.
The new notes, as per the report, are being issued to replace Rs 15.44 lakh crore worth of demonetised currency notes.
As on January 27, notes in circulation, comprising all denominations including Rs 2,000 and Rs 500, were Rs 9.92 lakh crore, RBI Deputy Governor R Gandhi said on February 8. But the RBI has not released data on the total value of Rs 500 and Rs 2000 notes in circulation.
RBI Governor Urjit Patel, however, has said that specific data on the value of new notes released into the economy will be disclosed soon.
From February 20, the limit on cash withdrawals from savings bank accounts are being raised to Rs 50,000 per week from the earlier limit of Rs 24,000 per week. All limits all limits on cash withdrawal from savings bank accounts will also be removed March 13.