Rs 1,000 notes will be back in market soon, printing underway
The Reserve Bank is all set to launch the new Rs 1,000 note. The launch of the new series Rs 1,000 note scheduled for January 2017 was delayed due to a pressing need to put in circulation the Rs 500 notes.
Printing of the new Rs 1,000 notes have already begun and the RBI expects to put the same into circulation in another month's time. The introduction of the new Rs 1,000 note is expected to reduce the burden on the people who have been scrambling for change since the higher denomination Rs 2,000 notes were introduced.
The decision on demonetisation took out Rs 15.44 lakh crore out of the market. The new Rs 1,000 notes would help replace that amount. As of January the RBI had managed to put back Rs 9.92 lakh crore back into circulation.
The RBI is yet to give statistics of how many demonetised notes were deposited into banks. The RBI governor, Urjit Patel said that he would not give an estimate, but would release the correct data soon. The RBI has given Indians living abroad time until March 31 to deposit the old notes. In the case of the NRIs, the time frame is June 30. A correct estimate on the exact number of demonetised Rs 500 and 1,000 notes would be released only after the two windows are closed.