New 1,000 rupee notes will be reintroduced

Zee Media Bureau

The Reserve Bank of India is going to issue a new set of currency notes of Rs 1,000 with enhanced security features and a new design and colour combination, Economic Affairs Secretary Shaktikanta Das said on Thursday.

However, the new Rs 1000 notes may not be release soon in circulation.

The government had declared on Tuesday that Rs 500 and Rs 1,000 currency notes will no longer be legal tender from midnight.

The move is aimed that curbing black money in the economy and related activities.

People are thronging banks to replace the old currency notes. With the ATMs opening on Friday, nearly 48 hours post Prime Minister Narendra Modi`s radical announcement about scrapping of the 500 and 1000 rupees notes, long queues made by anxious citizens aware seen across the nation with the new currency notes available for withdrawal.

People, however, can deposit the old notes of 500 and 1,000 rupee notes in banks or post office accounts from November 10 till December 30, 2016 without any limit. 

 As the new Rs 2000 notes come into circulation, government is going to closely monitor and release new notes.

Banks have been asked to remain open on weekends including Sunday tin order to meet the concerns and replace the old currency with the new ones.

So far, there is a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit, however, will be increased in the coming days.

People can exchange old notes of 500 and 1,000 rupee notes at any bank or head post office or sub-post office with a daily limit of Rs 4,000 while showing ID proof up to November 24.

Withdrawal from ATM will be a restricted to Rs 2,000 per day per card in the first few days, which will later be raised to Rs 4,000 later.