New Rs 1000 Note; RBI to introduce by December

Posted August 31, 2017

Prime Minister Narendra Modi on November 8 previous year had demonetised the Rs 500 and Rs 1,000 notes, 86.4 per cent of the total currency in circulation at the time.

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". The new currency note with enhanced security features could be out as early as December 2017, said a person close to the development.

Bengaluru: I-T raids unearth Rs 4.7 crore in new Rs 2,000 currency notes from state govt engineers.

The share of Rs 2,000 banknotes in the total value of banknotes in circulation was 50.2 per cent at end-March 2017.

The report also noted that the value of banknotes in circulation declined by 20.2 per cent over the year to Rs 13.10 lakh crores as on March 31, 2017. It also introduced new Rs 500 notes and recently Rs 200 notes. "The economists deserve a Nobel Prize", Chidambaram said, sarcastically. While the demonetisation exercise may not have resulted in black money being destroyed in the form of unreturned notes, it may help in tracing unaccounted wealth, RBI said. It said that with over Rs 15 lakh crore of junked currency coming back into the banking system post demonetisation, a "significant portion" of it could be black money.

"Is not the RBI's revelation this evening on demonetisation pointing to a big scam?I feel it was totally a flop show", Banerjee, also the Trinamool Congress chief, said on social networking sites Twitter and Facebook. However, the RBI pointed out that these figures are provisional and could change after the verification of numerical accuracy and authenticity of the deposited notes. Samajwadi Party leader Naresh Agarwal said his party would move a privilege motion against RBI Governor Urjit Patel for misleading a parliamentary panel on the issue. The value of the SBNs received by the currency chests has been credited to the banks' account on "said to contain basis". "Going forward, the Reserve Bank would continue its efforts towards migrating to a less-cash economy while ensuring safety and enhancing the efficiency of the payments system".