The government has no plans to introduce 1,000-rupee note that was banned during last year’s demonetisation drive, said Economic Affairs Secretary, Shaktikanta Das on Wednesday.

“No plans to introduce Rs 1000 notes. The focus is on production and supply of Rs 500 and lower denomination notes,” tweeted Shaktikanta Das.

 

The government in a bid to curb corruption and black money banned all Rs 500 and Rs 1,000 notes on November 8 last year. Reserve Bank of India (RBI), then had introduced new notes of Rs 500 and Rs 2,000.

Das’s tweet thwarted all the previous reports, stating that RBI was going to circulate the new Rs 1,000 note in the market.

Commenting on the issue of low cash in ATMs, Shaktikanta Das said that the government was addressing the “complaints of cash out in ATMs”. Das also urged people to withdraw only cash that they really required.

“Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others,” said Das.

 

The demonetisation decision, which was announced by Prime Minister Narendra Modi in November, resulted in the withdrawal of more than Rs 15.44 lakh crore out of the Indian market. The RBI has managed to circulate over Rs 9.92 lakh crore back in the market.

The RBI has not provided any information regarding how much of demonetised currency was deposited in banks and how much of it was black money.

First Published | 22 February 2017 11:46 AM
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