Soon after the demonetisation order by Indian Prime Minister, it was rumored that INR 1000 notes will be back soon in the market. Though there were claims that note of INR 1000 will soon be brought back to the market by the officials. Infact it was even being said, that the printing of the notes was started in the month of January, so that there is no shortage of notes faced by the public. But, it was delayed as RBI was focusing more on the printing of INR 500 notes.
The introduction of INR 1000 note will make easy for the citizens to use INR 2000 notes, as there will be 1000 amounting notes to be used for exchange.
Sitaram Yechury on twitter:
Recently, on 21st February 2017, the General Secretary, Sitaram Yechury refuted to all the news of INR1000 being re-introduced. He left a message on twitter:
“Rs. 1,000 notes set to be back?
So what was this demonitizaqtion about, destroying lives, livelihoods and crashing our Economy? ♯Jumlanomics”
The official said, at the present their main focus is on providing the maximum of notes in the market, to overcome the shortage of already available notes in the market. There main focus is on providing maximum of notes in 500 denominations and also the other notes of lower denominations.
— Sitaram Yechury (@SitaramYechury) February 21, 2017
The new notes are being issued to replace INR 15.44 lakh crore worth of demonetized notes.
Other important details:
- Also, from 20th February the limit on cash withdrawals from the savings bank account is raised to INR 50,000 per week whereas earlier it was INR 24,000.
- Earlier, NRI’s deadline to deposit the old currency to RBI by 31st March which has been extended upto 30th June 2017.