No plan to re-introduce Rs. 1,000 note; don't withdraw more money than needed: Govt.
No plan to re-introduce Rs. 1,000 note; don't withdraw more money than needed: Govt.

The government has no plans to re-introduce 1,000 rupee notes and is focusing to increase production of lower denomination currencies to address cash shortage, Economic Affairs Secretary Shaktikanta Das said today.
"No plans to introduce Rs 1000 notes. Focus is on production and supply of Rs 500 and lower denomination notes," he tweeted.
He also said complaints of cash shortages at ATMs are being addressed and requested people to desist from withdrawing more money than they need.
"Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others," he said in another tweet.
His clarification followed media reports that the government was planning to re-introduce Rs 1,000 notes with a new design.
Last week, Finance Minister Arun Jaitley said the remonetisation situation with regard to replenishing the scrapped currency was "almost normal” now and the Reserve Bank of India was monitoring the supply on a daily basis.

The Economic Affairs Secretary's latest statement is in complete contrast to what he had said a couple of days after the November 8, 2016 demonetisation move. "In a few months, Rs 1000 notes with new features will be brought into the market," Shaktikanta Das had said while addressing the Economic Editor's Conference in New Delhi on November 10, 2016.


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