New Rs 1000 Currency Note Is Coming With Enhanced Security Features! (Updated)
Rs 1000 currency note is making a grand comeback
Update (August 30th, 2017) : Sorry to break the bubble, but the rumors are false! Economic Affairs Secretary Subhash Chandra Garg, in a tweet, has denied this news. The tweet said:
There is no proposal to reintroduce 1000 rupee note.
— Subhash Chandra Garg (@SecretaryDEA) August 29, 2017
In case any other development related to this new happens, we will keep you updated.
24 Hours Earlier..
As per an exclusive by DNA, it has been revealed that Rs 1000 currency note is making a grand comeback, and as early as December, 2017, the new currency can hit the market.
Rs 1000 currency notes were demonetized overnight on November 8th, and Rs 6.86 lakh crore worth of Rs 1000 currency notes were sucked out of the system, along with Rs 8.58 lakh crore worth of Rs 500 notes.
Is Rs 1000’s Comeback Confirmed?
DNA has received information from ‘confirmed sources’, who claim that Rs 1000 currency notes would be re-introduced, and the process has already begun.
The design of the new currency note is being currently finalized, and printing press in Mysore and Salboni will start printing them once sufficient amount of Rs 200 currency notes have been printed there.
Their source said, “Printing of Rs 2,000-denominated notes stopped at least six months back and now the Rs 200 notes are getting printed at these presses. Next in line for printing is the Rs 1,000 note..”, adding, “The printing presses at Mysore and Salboni are getting ready to print the brand-new Rs 1,000 notes which will have enhanced security features,”
Details of these ‘enhanced security features’ for Rs 1000 currency notes haven’t been revealed, for obvious reasons.
With this, India will have currency denominations in: Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500, Rs 1000 and Rs 2000
But Why Are Rs 1000 Currency Notes Being Re-Introduced?
The reason is the gap between Rs 500 and Rs 2000 currency notes.
Once a person withdraws Rs 2000 from an ATM, it becomes very difficult to arrange change, and pay for items having smaller value.
Rs 200 currency note have been planned to fill the gap between Rs 100 and Rs 500; and in the same way, Rs 1000 currency note would be used to fill the gap between Rs 500 and Rs 2000.
Besides, it seems that RBI is attempting to enforce globally acclaimed Renard series for currency notes in circulation. As per this theory, currencies should be circulated in the ratio of 1:2 or 1:2.5. Hence, denomination should be double or two and a half times of its preceding denomination.
This way, maximum three denominations can be enough to fulfil transaction, of any value.
The source also said that Rs 2000 currency note was essentially a stop-gap arrangement, to immediately provide relief post-demonetization.
He said, “The Rs 2,000 note will continue to exist but the focus will be on the lower-denomination notes. The Rs 2,000 note was printed for faster re-monetization but in hindsight, the government has realised that lower value denominations should be the focus.”
Do you think Govt. is doing the right thing by re-introducing Rs 1000 currency notes? Do let us know by commenting right here!