1000 Note Is Dead for Now

1000 Rupee Notes may be dead at least under Narendra Modi regime. Amid the rumors about RBI planning to bring back the 1000 Rupee Notes, Shaktikanta Das, Secretary of Economic Affairs clarified that there are no such plans to introduce 1000 Rupees Note in a new design.

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He also clarified that the current focus is on production and supply of 500 and lower denomination notes. Some are reading between the lines of this statement saying that there is a possibility of withdrawing the 2000 Rupee Notes as well in future.

Buzz is that the government will not demonetize 2000 Notes as the previous case but will be withdrawing all the 2000 Notes that come to the bank and replace them with smaller denomination notes. On the other side, the cash crunch that followed the Demonetization is yet to ease.