Here's why RBI to stop some 1,000 rupee notes

Mumbai, Jan 21: The Reserve Bank of India (RBI) on Wednesday said it has received complaints about notes of Rs 1,000 denomination without the security thread being in circulation and has asked banks not to issue them in case these are found.

"We have received complaints regarding banknotes in the denomination of Rs 1,000 printed by Currency Note Press, Nashik, on the paper (without security thread) supplied by Security Paper Mill (Hoshangabad)," an RBI spokesperson said.

The RBI has informed all the banks in Mumbai region not to issue such notes if found in stock and to provide exchange value to the customer who approaches with such a note, if it is otherwise genuine.

"We have also escalated the matter to the government."

The total number of such notes with public may not be more than 500 pieces, the spokesperson added.

So, in value terms these would be worth Rs 5,00,000.

Currency Note Press, Nashik is a Unit of Security Printing and Minting Corporation of India Limited (SPMCIL) under administrative control of the Finance Ministry.

PTI