No Plans To Introduce Rs. 1,000 Notes- Shaktikanta Das

The government has no plans to re-introduce Rs. 1,000 notes and is focusing to boost production of lower denomination currencies to deal with cash shortage, Economic Affairs Secretary Shaktikanta Das said today. “No plans to introduce Rs. 1000 notes. Focus is on production and supply of Rs. 500 and lower denomination notes,” he tweeted. In another tweet, he said: “Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others.”

He also said complaints of cash shortages at ATMs are being addressed and requested 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. Overdraw by some deprive others,” he said in another tweet.

Finance Minister Arun Jaitley had last week said the remonetisation situation with regard to replenishing the scrapped currency was “almost normal” and the Reserve Bank of India was monitoring the supply on a daily basis.

The government had announced withdrawal of old Rs. 500 and Rs. 1,000 currency notes on November 8, 2016, with an aim to check black money, counterfeit notes and terror financing.

From February 20, the limits from cash withdrawal from savings bank accounts were increased to Rs. 50,000 per week. And effective March 13, 2017, there will be no limits on cash withdrawal from savings bank accounts.

Asked about the amount of scrapped currency received by banks post demonetisation, the finance minister said RBI Governor Urjit Patel had recently informed that the central bank would disclose the figure only after the process of currency verification is complete.

“Whatever time is required, RBI will take that much time. I would not like to say anything thing beyond that,” he added.

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