Centre rubbishes Rs 1,000 note claims, says no such plans

Economic Affairs secretary Shubhash Chandra Garg on Tuesday rubbished reports of Rs 1,000 notes making a comeback in December this year.

Garg statement came a day after reports claimed that the Reserve Bank of India (RBI) and the Centre have finalised plans to reintroduce Rs 1,000 denomination bank note it had discontinued last year during Prime Minister Narendra Modi's demonetisation move.

The earlier reports further claimed that redesigned Rs 1,000 notes were ready to be introduced by December. However, Finance Minister Arun Jaitley has always denied re-monetisation of Rs 1000 notes.

On August 25, the RBI released both the Rs 200 and Rs 50 notes. The existing Rs 50 that is already in circulation will continue to be in circulation along with the new notes that come with enhanced security features.

Last week, Finance Minister Arun Jaitley said the re-monetisation 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.

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