RBI clarifies no reintroduction of Rs 1000 notes
RBI clarifies no reintroduction of Rs 1000 notes
PUNE: On November 8, 2016, a significant event occurred in Indian history with the demonetization of two major currency denominations. Recent discussions have emerged regarding the potential reintroduction of the Rs 1000 note, but it is crucial to verify the accuracy of these claims.
Seven years after the demonetization, the Rs 2000 note has also been phased out. The Reserve Bank of India (RBI) had initially set a deadline of September 2023 for individuals to deposit their Rs 2000 notes in banks. Reports indicate that approximately 87 percent of the country’s Rs 2000 notes have already been accounted for through deposits. However, there remains an unknown quantity of about Rs 10 crore worth of Rs 2000 notes that have not been deposited, suggesting that this denomination continues to circulate among the public despite being discontinued.
As per the information received, the existence of these notes has sparked speculation on social media regarding the potential return of the Rs 1000 note. Many individuals claim that the discontinuation of the Rs 2000 notes implies the revival of its predecessor. To address these rumors, the Reserve Bank of India has finally addressed the matter.
According to news agency, there are no plans to reintroduce the Rs 1000 note. The RBI has clarified that the circulation of Rs 500 notes in the country is sufficient to meet the cash requirements. Furthermore, the increasing popularity of digital transactions among Indian citizens has resulted in a reduced reliance on physical cash. The central bank has issued a warning, urging the public not to believe such rumors and encouraging them to stay informed with accurate information.
Initially, the deadline for depositing Rs 2000 notes was September 30, but it was subsequently extended to October 7. Starting from October 8, individuals were given the option to either exchange the discontinued currency or have the remaining notes credited to their bank accounts through the 19 RBI offices located nationwide.
Madhupriya Dhanwate
