After Modi announced that Rs. 500 and Rs. 1000 currency notes are not legal tender there is a complete change in the scenario of the entire nation. From early morning people are lined up near the ATM’s and banks to exchange their currency notes and withdraw money.
However, in some places, ATM’s are not yet ready for withdrawing new currency notes. Indian Finance minister, Arun Jaitley, assured that demonetization of these currency notes will only pose short-term problems and is actually beneficial in the longer run. In yet another surprise announcement by the Narendra Modi-led NDA government, it has been revealed that the banned Rs 1,000 note will return in a new avatar.
New Rs 1,000 Note To Be Introduced Soon:
New Rs 1,000 note to be introduced soon; Rs 10, Rs 20, Rs 50 notes to change too. Shaktikanta Das, Department of Economic Affairs (DEA) Secretary said, “In a few months, new color combination, a new dimension, and design 1000 rupee notes will be released. The process was on for the last few months; only 2-3 people in RBI were involved in designing of notes.”
When asked about introducing Rs. 10,000 note he said: “The government did not agree to this. The reason we decided on Rs 500 and Rs 2000 is because of the handling convenience, and once all the money is in the banking system, then there won’t be any incentive to again convert it to black.”
Shaktikanta Das confirmed that there will be more currency notes that will be reintroduced with new features and designs. “All denomination of notes (Rs 10, Rs 20, Rs 50) will be reintroduced with new design and new features. From time to time, new series of notes with new features and designs will be infused in the market,” he added.
Finance Minister Arun Jaitley said: “There will be an impact on small purchases for a few days, till there is adequacy of currency, but it is beneficial in long run. Banking dept & RBI has taken some measures & extended their working hours, banks will be open on weekends as well. We are trying to ensure at the earliest requisite replacement currency is available to people; believe that no need to rush in initial days.”
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