Govt says no plans to relaunch Rs 1,000 notes

Govt says no plans to relaunch Rs 1,000 notes
Weeks after asserting that it would bring back demonetised Rs 1,000 notes, the government on Wednesday changed its stance, saying there was no such plan.

“No plans to introduce Rs 1,000 notes. Focus is on production and supply of Rs 500 and lower denomination notes,” Economic Affairs Secretary Shaktikanta Das said in a tweet.

The government had withdrawn Rs 1,000 and Rs 500 currency notes on November 8, scrapping Indian currency worth 86% in one go.

Two days after that, Das had said the Rs 1,000 notes would be relaunched. “In a few months, Rs 1,000 notes with new features will be brought back into the market,” Das said, addressing the Economic Editors’ Conference on November 10.

However, on Wednesday, Das said the focus was more on increasing the production and supply of Rs 500 and lower-denomination currencies. He also said complaints of cash shortage were being looked into.

“Enough cash available. Logistics issues of reloading ATMs more frequently being addressed,” he said in a series of tweets.

Das also urged people to desist from withdrawing more money than they need.

“Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others,” he tweeted.
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