New 1,000 Rupee Note Will Be Introduced, Says Government

The government will introduce new 1,000 rupee note with a new design, Economic Affairs Secretary Shaktikanta Das said today.

The 1,000 rupee notes with enhanced security features and different colour will be reintroduced in a few months, Mr Das said. 

In a surprise move, the government had banned Rs 500 and Rs 1,000 notes from Tuesday midnight to crack down on black money. 

Today long queues were seen outside banks across the country and also at RBI counters for replacement of old 500 and 1,000 rupee notes as banks opened after demonetisation of such bills by the government on Tuesday.

Following the decision, banks were shut yesterday to stock lower denomination cash and new security-featured Rs 500 and Rs 2,000 notes.

Economic Affairs Secretary Shaktikanta Das also said that the Reserve Bank will closely monitor and release new 2,000 rupee notes.

Banks have also been asked to be open on weekends including Sunday to deal with the situation.

In order to meet the demand of new currency notes, the government has imposed a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit, however, will be increased in the coming days.

People have have been allowed to exchange old notes of 500 and  1,000 rupee notes at any bank or head post office or sub-post office with a daily limit of Rs 4,000 while showing ID proof up to November 24.

Withdrawal from ATM will be a restricted to Rs 2,000 per day per card in the first few days, which will later be raised to Rs 4,000 later.

People, however, can deposit the old notes of 500 and 1,000 rupee notes in banks or post office accounts from November 10 till December 30, 2016 without any limit.