It was termed as an outcast by the Gormint on November 8. But a new, hard to imitate Rs.1000 currency note is making a comeback. According to a report carried on the Indian Express, the Reserve Bank Of India has already started production of the new note. However, there is no certainty as when will the new currency be pressed into circulation. According to a senior government official who spoke to the news agency, the initial plan was to introduce the new Rs 1,000 note in January but “it has been delayed due to the pressing need to supply Rs 500 notes”.
Earlier, to check piracy, the menace of unaccounted money and financial crimes, the Government had withdrawn Rs.1000 and Rs.500 currency notes from the system. They had replaced them with new notes of Rs.2000 and Rs.500, which carried better security features, a new design and occupied less space in the wallet. With the reintroduction of the Rs.1000 note though, the general populace will breathe a sigh of relief, as finding change against the Rs.2000 note was a big challenge.
In other news, from February 20th onwards, the limit on cash withdrawals from savings bank accounts have been raised to Rs 50,000 per week from the earlier limit of Rs 24,000/week. And effective March 13th, all limits on cash withdrawal from savings accounts will be revoked.