Rs 1,000 notes to make a comeback soon

The Reserve Bank of India (RBI), it appears, has decided to bring back Rs 1,000 notes. Though there is no official notification from the central bank, an Indian Express report suggests that the introduction of the new 1,000 rupee note was planned for January. “It has been delayed due to the pressing need to supply Rs 500 notes,” says an RBI official in the report.

The report also states that the RBI has already begun printing the notes. It can well be expected that the new series of Rs 1,000 notes may come into circulation by the time limits on cash withdrawals are removed on March 13.

When Prime Minister Narendra Modi announced the move to demonetise Rs 500 and Rs 1,000 notes on November 8, 2016, many had suggested that Rs 1,000 notes would come back into the market. While whatsapp groups were flooded with counterfeit pictures of green-coloured Rs 1,000 notes, an NDTV report from November 10 last year had quoted Economic Affairs Secretary Shaktikanta Das as saying: “In the next few months, Rs. 1,000 notes will also be brought in with a new dimension and design.”