No plan to bring back Rs 1000 note: Economic affairs secretary

The government is said to be focussing on the supply of Rs 500 and lower denomination currency.

Making a complete volte-face, economic affairs secretary Shaktikanta Das tweeted on Wednesday that the government has no plans to re-introduce the Rs 1,000 note. The focus is on ramping up the production and supply of Rs 500 and lower denomination currency, Das added.

Addressing the issue of the ongoing cash shortage at ATMs in another tweet, he said: “Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others.”

In a surprise announcement, Prime Minister Narendra Modi on November 8 delegalised the old Rs 500 and 1,000 notes to check black money and terror financing. By and large, the Centre’s move is expected to have positive macroeconomic implications in the medium- to long-term.

Finance Minister Arun Jaitley recently said the remonetisation situation with regard to replenishing the scrapped currency was “almost normal” now and the apex bank was monitoring the supply on a daily basis, as per a PTI report.

Source: PTI

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