RBI may bring back all-new Rs 1,000 note by December
Reserve Bank of India (RBI) may soon issue Rs 1,000 denomination bank note it had discontinued last year during Prime Minister Narendra Modi's demonetisation move.
The all-new Rs 1,000 currency note will come with enhanced security features and a new design by December.
According to a report in DNA, the government would shortly start printing the new Rs 1,000 note. The government is apparently planning to bring back the Rs 1,000 currency note to fill in the gap between the existing Rs 500 and Rs 2,000 notes.
The Rs 1,000 note will ease day-to-day operations and be beneficial to the common man, especially in the rural and semi-urban areas which are dominated by low-value transactions. However, the ATMs will start dispensing new notes once they are recaliberated.
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.
India currently has currency denominations of Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 100, Rs 500 and Rs 2,000.