New Delhi: November last year saw the demonetisation of ₹500 and ₹1000 currency notes and soon after ₹500 was reintroduced with a fad makeover and an all new ₹2,000 currency note was launched for the first time. However, people were upset as no other currency note was present between ₹500 and ₹2,000 note and there were speculations of brand new ₹1,000 currency notes doing the rounds.
However, clarifying whether ₹1,000 currency notes will be re-introduced or not, Subhash Chandra Garg - Secretary, Department of Economic Affairs, Ministry of Finance, Government of India tweeted on Tuesday that “There is no proposal to reintroduce 1000 rupee note.”
There is no proposal to reintroduce 1000 rupee note.— Subhash Chandra Garg (@SecretaryDEA) August 29, 2017
Last Friday on August 25th 2017, the government had introduced ₹200 notes which aim to bridge the gap between ₹100 and ₹500 notes. For which the central bank said that the Renard series has been adopted worldwide wherein the ratio between the existing currency notes is 1:2 or 1:2.5 implying that the succeeding denomination must be approximately two times or two and a half times higher than the preceding amount.
As per the officials, the ATM recalibration is in testing stage for ₹200 notes and the new notes are expected to come in circulation before end of September 2017. The new ₹200 notes are of 146 × 66 mm size as compared to the existing ₹100 157 x 73 mm notes. The already existing currency notes of ₹2,000 will not cease in circulation however the Government will now lay more emphasis on lower denominations. The new notes of ₹200 and ₹50 will also remain in the economy along with ₹2,000 notes.
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