RBI to introduce new Rs 1000 note by December

Almost 99 per cent of the demonetised Rs 1,000 notes in circulation are back into the banking system

RBI to introduce new Rs 1000 note by December

Following the demonetisation of Rs 1,000 and Rs 500 notes last November, the central bank had introduced Rs 2,000 notes and new Rs 500 notes.

After launching Rs 200 note for the first time in history, RBI also plans to issue new Rs 1000 currency notes which had discontinued previous year during Prime Minister Modi's demonetization move. The RBI had recently introduced Rs 50 note with a new look and additional security features.

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According to a DNA Money report, the government will shortly start printing the new Rs 1,000 note to bridge the wide gap between the existing Rs 500 and Rs 2,000 notes.

Nearly 99 per cent of the demonetised Rs 1,000 notes in circulation are back into the banking system, according to a Times of India report.

The Reserve Bank of India issued new Rs 200 notes last week. "Right now, the next denomination after Rs 500 is Rs 2,000 which creates a big gap impacting the ease of transactions", a banker said.

Citing a person close to the development, the report said that work on the design and paper for printing the new Rs 1,000 notes was in full swing and that they could be out and in your wallets as soon as December this year. Long queues of peoples are gathered at the RBI offices to get Rs 200 note first time issued by central government.

RBI on August 25 released both the Rs 200 and Rs 50 notes.

Since India already had 1-rupee, 2-rupee, 5-rupee, 10-rupee, 20-rupee, 50-rupee, 100-rupee, and 500-rupee denominations, the 200-rupee note was added to complete the 100-200-500 part of the series. However, the notes are still not available in ATMs as recalibaration of the machines has not been done yet.

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