Union finance minister Arun Jaitley said the government was trying to ensure that the replaced currency is made available to the people at the earliest. He also said that the Reserve Bank of India has taken necessary steps to keep the banks open to the extent as required. The banks will also remain open on weekend.

However, in a surprising move the government stated that in few months new Rs 1,000 currency notes will be introduced. “In next few months, Rs 1000 notes will also be brought in with a new dimension and design,” Shaktikanta Das, economic affairs secretary, told reporters.

All the denominations of currency notes will be reintroduced with new design and features, he added further.

Meanwhile, Jaitley said only those with large amounts of undisclosed money who will have to face the consequences under existing laws. “There will be an impact on small purchases for a few days, till there is adequacy of currency, but it is beneficial in long run,” the minister added further.

Meanwhile, long queues could be seen at the bank counters and RBI offices across the country with people rushing to exchange their old currency notes with the new ones.

A man displays the new Rs 2,000 notes withdrawn from an ATM in Kolkata. (Photo: PTI)

A man displays the new Rs 2,000 notes withdrawn from an ATM in Kolkata. (Photo: PTI)

The banks were closed on Tuesday to stock new Rs 500 and Rs 2,000 currency notes for the people.

The people have been allowed to exchange old notes of Rs 500 and Rs 1,000 at any bank or head post office or sub-post office up to Rs 4,000 while showing ID proof till November 24.