New Delhi: After PM Narendra Modi on Tuesday, in a major step to crackdown on black money, announced the discontinuation of Rs 500, 1000 currency notes, the Reserve Bank of India’s (RBI) Governor Urjit Patel and Economic Affairs Secretary Shaktikanta Das held a press conference and further briefed the nation on discontinuation of the notes.
Urjit Patel said that the RBI will release new currency notes with new features, designs and dimensions from November 10 onwards.
Meanwhile, Secretary Economic Affairs, Shaktikanta Das said that all other denomination currency notes will be printed in due course.
Highlights of RBI Governor Urjit Patel and Economic Affairs Secretary Shaktikanta Das press briefing:
  • RBI has been concerned about growing menace of fake Indian currency notes which has been on the rise.
  • We have increased our production and trying to provide new currency notes as soon as possible: Urjit Patel
  • There has been no breach of any of the security features but for public the looks of fake Indian currency note is similar to genuine: Urjit Patel
  • This is necessary in medium and long term interest of our economy, it will help in maintaining financial and economic integrity: Economic Affairs Secretary Shaktikanta Das.
  • If someone is receiving Rs 1000 and Rs 500 notes after tonight, he is doing it at his own risk: Economic Affairs Secretary Shaktikanta Das
  • We will review the situation after 24 November, new notes will be in circulation from 10 November: Shaktikanta Das said on withdrawing Rs 4000 till 24 November
  • There will be no impact on the liquidity on the wholesale markets. If at all there is any, we’ll make sure that its addressed: RBI Governor Urjit Patel.