Govt rules out reintroducing Rs 1,000 notes

NEW DELHI
22 Feb 2017

The Union finance ministry today ruled out re-introduction of Rs 1,000 notes and said logistics issues of reloading ATMs more frequently are being addressed.

In a series of tweets, economic affairs secretary Shaktikanta Das said the focus is on increasing production and supply of Rs 500 and lower denomination currencies, while complaints of cash shortage are being looked into. "Enough cash available. Logistics issues of reloading ATMs more frequently being addressed," Das said. He also requested people to desist from withdrawing more money than they need. "Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others," he added.

"No plans to introduce Rs 1000 notes. Focus is on production and supply of Rs 500 and lower denomination notes," the economic affairs secretary said in another tweet. Last week, Union finance minister Arun Jaitley said the remonetisation situation with regard to replenishing the scrapped currency is "almost normal" now and the Reserve Bank is monitoring the supply on a daily basis.

The government had announced withdrawal of old Rs 500 and Rs 1,000 currency notes on November 8, 2016, with an aim to check black money, counterfeit notes and terror financing. PTI