Quashing the rumors regarding the re-introduction of new Rs 1000 notes, Economic Affairs Secretary Shaktikanta Das has said that there is no plan to re-introduce the Rs 1,000 note and the focus is on increasing the production and supply of Rs 500 and lower denomination currency. He also said that complaints of cash shortages at ATMs are being addressed and the government has requested people to desist from withdrawing more money than they need.
He assured that enough cash is available and logistics issues of reloading ATMs are being addressed more frequently. Das urged ‘I request everyone to withdraw only the amount that is required, since excessive withdrawal of cash deprives cash for others’. In December 2016, new Rs 500 notes were released for circulation, aiming to ease the situation post demonetisation, the initiative taken by Prime Minister Narendra Modi-led government in order to curb circulation of black money in the economy.
Economic Affairs Secretary’s comments came after the report that the government will soon launch the new series of Rs 1000 denomination notes. The report also stated that the Reserve Bank of India has already started production of the new Rs 1,000 notes and that the initial plan was to introduce the new Rs 1,000 note in January but it has been delayed due to the pressing need to supply Rs 500 notes.