New Delhi: India’s central government on Wednesday said it had no plans to introduce Rs1,000 notes (Dh54.84), as the focus remained on increasing production of Rs500 and other lower denomination notes.
“No plans to introduce Rs1,000 notes. The focus is on production and supply of Rs500 and lower denomination notes,” Economic Affairs Secretary Shaktikanta Das tweeted.
He requested people to desist from withdrawing more money than they need.
“The complaints of cash out in ATMs are being addressed. I request everyone to draw the cash they actually require. Overdrawal by some deprives others,” he added.
Das said there was no shortage of currency notes but the logistical issues of reloading ATMs more frequently had to be sorted.
The Reserve Bank of India (RBI) introduced new Rs500 and launched Rs2,000 notes in November. Reports claimed that printing of new design Rs1,000 has already begun and it would be introduced in the market soon.
Das had also said earlier that the new Rs1,000 note would soon be printed and circulated.
“In a few months, Rs1,000 notes with new features will be brought into the market,” Das said in November last year.
On November 8, the central government announced the demonetisation of high value currency of Rs500 and Rs1,000. The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.
The sudden nature of the announcement and the prolonged cash shortages in the weeks that followed created significant disruption throughout the economy, threatening economic output.
While the overall weekly withdrawal limit of Rs24,000 on savings accounts remains, the daily curb on cash from ATMs has been lifted.
