New Rs 50, Rs 100, Rs 1,000 notes soon: Government

After demonetisation of Rs 500 and Rs 1,000 banknotes, the government on Thursday said new Rs 50 and Rs 100 notes, having new design and security features, will soon be issued without withdrawing the existing ones.

"Design of Rs 50 and Rs 100 notes will also be changed. These notes with new design features will be slowly infused (into the system)," Economic Affairs Secretary Shaktikanta Das told reporters at the two-day Economic Editors' Conference that started here on Thursday.

"The existing Rs 50 and Rs 100 notes will continue to be legal tender," he added.

Das said new Rs 1,000 denomination notes having new design and security features will also be issued soon.

The government demonetised Rs 500 and Rs 1,000 notes from November 8 midnight. New notes of Rs 500 and Rs 2,000 denomination are being issued starting Thursday in banks and post offices. No new Rs 1,000 notes are being issued immediately.

Lakhs of anxious people made a beeline to banks and post offices on Thursday to exchange their old Rs 500 and Rs 1,000 notes.

Thousands queued up hours before the banks and post offices opened across cities carrying the notes and identity documents.

Most private and public sector bank branches were seen jam-packed with customers.

All banks have been directed to work for 12 hours on Thursday, Friday, Saturday and Sunday to clear the rush of desperate customers for exchange transactions and, if required, remain open even next Sunday (November 20).

Even ordinary activities of trade and commerce, grocery shops, saloons, multiplexes, malls and others came to a standstill on Wednesday in the near-total absence of customers as they ran short of lower denomination currency notes.

--IANS

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