After reports surfaced of new Rs 1,000 and higher denomination notes coming into circulation, Economic Affairs Secretary Shaktikanta Das has refuted it.
Earlier on Wednesday, Das took to Twitter to issue a clarification on the aforementioned matter. “We have no plans of introducing new Rs 1,000 notes,” stated Das.
“The focus will be on increasing production and supply of Rs 500 and other notes of lower denomination,” Das further clarified. In a tweet that followed, Das assured India Economy News that the request to monitor the withdrawal of cash is being assessed.
“I request everyone to withdraw only the amount that is required, since excessive withdrawal of cash deprives cash for others,” Das urged. In December 2016, new Rs 500 notes were released for circulation, aiming to ease the situation post demonetisation, the initiative taken by Prime Minister Narendra Modi-led government in order to curb circulation of black money in the economy.
After circulation of Rs 500 and 1,000 notes came to a standstill, rumours surfaced regarding a possibility of the introduction of completely new notes.