The Reserve Bank of India (RBI) is not mulling re-introduction of Rs 1,000 foreign money notes, sources mentioned, amid speculations that Rs 1,000 notes could also be re-introduced after the RBI introduced the withdrawal of Rs 2,000 foreign money notes.
“RBI is not in consideration of the re-introduction of Rs 1000 note,” information company ANI reported citing sources.
The RBI introduced the elimination of Rs 2,000 notes from circulation on May 19 this yr and gave almost 4 months to change the notes. The deadline was initially set to September 30, which was later prolonged to October 7 for the aim.
Demonetisation
On November 8, 2016, Prime Minister Narendra Modi addressed the nation and introduced the demonetisation of Rs 500 and Rs 1,000 foreign money notes.
He mentioned that it was being carried out as a stroke on corruption and black cash and in addition aiming to curb terrorism.
However, because the announcement of elimination of Rs 2,000 notes from circulation, speculations have been doing the spherical that Rs 1,000 notes could also be re-introduced.
Sources clarified at present that the RBI is not considering the re-introduction of Rs 1,000 notes.
(With ANI inputs)
