Govt has no plan to introduce 1,000 rupee note, says Economic Affairs Secretary Shaktikant Das

The focus is on the production and supply of Rs 500 and lower denomination notes, said Das

Economic Affairs Secretary, Shaktikant Das on February 22 took to twitter and wrote that there are no plans to introduce Rs 1000 notes and the immediate focus is on the production and supply of Rs 500 and lower denomination notes. He has also requested people to draw cash they actually require as overdraw by some deprive others. On currency crunch that the ATMs are facing these days, Das said the complaints of cash out in ATMs are being addressed.

For past some time there were speculations about ₹1000 currency notes going to be introduced but the latest announcement made by Shaktikant Das settles the dust as of now. According to reports, the RBI was supposed to launch new Rs 1000 notes in the month of January but could not go ahead with the plan due to the increase in demand of new Rs 500 notes stemming from the cash crunch. The government had introduced new Rs 2000 and Rs 500 notes in a bid to replace the old Rs 1000 and Rs 500 currency notes.

Earlier, the weekly cash withdrawal limit for savings bank account has been increased to Rs 50,000, the move came as a huge relief for a number of people across the country. The Reserve Bank of India has announced that starting February 20 you will be able to withdraw Rs 50,000 weekly. Also, few days back an announcement was made that there will be no limit on cash withdrawal from March 13.

On November 8, 2016 Prime Minister Narendra Modi announced the decision to demonetise higher denomination currency notes.