No plans to introduce Rs 1,000 notes

The government has no plans to re-introduce Rs 1,000 and will focus instead on issuing lower denomination currency notes, Economic Affairs Secretary Shaktikanta Das said on Wednesday.

"(There are) no plans to introduce Rs 1,000 notes. Focus is on production and supply of Rs 500 and lower denomination notes," Das tweeted.

His clarification followed media reports that the government was planning to re-introduce Rs 1,000 notes with a new design.

Referring to complaints of dry ATMs even more than 100 days after the November 8 demonetisation, Das urged people to withdraw only as much cash as "they actually require".

"Overdrawal by some deprives others," he said.

Post demonetisation, the government introduced new Rs 500 notes along with Rs 2,000 notes.

Over Rs 1 lakh crore worth of the new Rs 500 notes have been printed, with the presses churning out some 22 million pieces every day.

Prime Minister Narendra Modi demonetised the old currency to fight black money and terror funding.

There were 17,165 million pieces of Rs 500 notes and 6,858 million pieces of Rs 1,000 notes in circulation on November 8.

The total amount of high denomination currency circulating in the system on that day was Rs 15.44 lakh crore -- Rs 8.58 lakh crore in Rs 500 notes and Rs 6.86 lakh crore in Rs 1,000.

--IANS

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