Barely three months after Prime Minister Narendra Modi’s demonetization move banning the circulation of Rs.1000 note, the government is planning to reintroduce the Rs 1000 note in a new garb. On November 8, 2016, PM Modi had announced withdrawal of old Rs 500 and 1,000 notes from circulation with immediate effect.
An official told The Indian Express that RBI has already started production of the new Rs 1,000 note. According to the official, the initial plan was to introduce the new Rs 1,000 note in January but “it has been delayed due to the pressing need to supply Rs 500 notes”.
However, it is not clear when the new notes will be officially introduced into the market.
A sample of the new Rs 1,000 is being circulated on social media, however, we can not confirm whether the yet-to-be launched note is similar to photos of which have gone viral. The violet coloured note bears of lot of resemblance with the new Rs 2,000 note. Interestingly, images of new Rs 2,000 note were also leaked on social media prior to its launch. By the look of it, the new note will have the security features seen in the Rs 2,000 notes. However, the counterfeiters managing to copy 11 out of the 17 security features of the new Rs 2,000.
The logic behind introducing the new Rs 1000 note is that it will make transactions in Rs.2000 easier.
The Indian Express report adds that an email sent to the RBI and finance ministry for comments on the re-introduction of Rs 1,000 notes ‘did not elicit any response’.
Meanwhile, CPI(M general secretary Sitaram Yechury has reacted sharply in Twitter to reports of re-introduction of Rs 1,000 note and slammed PM Modi for his abrupt move to ban circulation of old Rs 500, 1,000 notes.
— Sitaram Yechury (@SitaramYechury) February 21, 2017