New Delhi, August 29: To facilitate exchange transactions for the common man and provide complete series of the denomination for transactions at the lower end, the government is now planning to re-introduce and print Rs 1,000-denominated currency notes. The notes are believed to have enhanced security features as compared to the earlier ones which were demonetized demonetised on November 8 last year. If reports are to be believed, the preparations for the design and the paper for printing the Rs 1,000 note are in full swing. The Rs 1000 note that aims at bridging the gap between Rs 500 and Rs 2000 notes could be out as early as December 2017.
As per a report by DNA Money, the government would soon begin printing the new Rs 1,000 note which would help in bridging the gap between the existing Rs 500 and Rs 2,000 currency notes. An official was quoted by DNA Money saying that the printing presses at Mysore and Salboni are getting ready to print the brand-new Rs 1,000 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,” the person said.
As of now, India has currency denominations of Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000. Many countries have opted to use a near variation of the Renard Series, i.e., 1:2 or 1:2.5 ratio between adjacent denominations of currency, which means that the denomination should be twice or two and half times of its preceding denomination. As such, in the lower end of the denomination series, Rs 1000 is the missing. Once introduced, it shall bridge the gap between Rs 500 and Rs 2000 currency notes.
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. In the last week, the Reserve Bank of India (RBI) launched the bright yellow Rs 200 denomination notes to ramp up the supply of the new currency note across the country. The production of these notes is being ramped up by the currency printing presses, and over time as more notes are printed, it will be distributed across the country through the banking channels and will be available for public in adequate quantity, the release said.
