New Delhi, August 29: The Centre on Tuesday dismissed claims of reintroduction of 1,000 rupee notes and said there is no proposal to bring back such currency notes, yet. This declaration comes amid speculations and reports which claimed that the government is likely to reintroduce 1,000 rupee notes with ‘enhanced security features’. The Economic Affairs Department however, quashed such claims and said no such plan is yet in the pipeline.
Economic Affairs Secretary SC Garg on Tuesday said that there is no proposal to reintroduce 1,000 rupee notes. Noteworthy that DNA Money, quoted an official who said the printing presses at Mysore and Salboni were being prepared to print the brand new 1,000 rupee currency notes. “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. Next in line for printing is the Rs 1,000 note,” he said.
As per a report on early Tuesday, the new 1,000 rupee notes were expected to have enhanced security features, compared to the earlier ones. It also stated that preparation for the design and paper for printing the notes are in full swing.
With this new series of 1,000 rupee notes, it was expected the gap between Rs. 500 and Rs. 2000 will disappear. However, as per the new clarification issued by the Economic Affairs, it is clear that such is impossible, at least for a few more years.
In an India.com report it was stated that to achieve the optimal system of currency especially at the lower end of denominations, there is a logical need to introduce the missing denomination of Rs 1000, which will make the present currency system more efficient.