New Look Rs. 1000 Currency to be re-introduced


New Look Rs. 1000 Currency to be re-introduced

Within a mere 24 hours after PM Modi's path breaking announcement of discontinuing Rs. 500 and Rs 1000 Currency notes and classifying them as non legal tender, Economic Affairs Secy Shaktikant Das announced that a new look Rs. 1,000 note, slightly smaller in size than the currently circulated Rs. 1,000 non legal tender will be re-introduced in the markets

 
UT WhatsApp Channel Join Now

New Look Rs. 1000 Currency to be re-introduced

Within a mere 24 hours after PM Modi’s path breaking announcement of discontinuing Rs. 500 and Rs 1000 Currency notes and classifying them as non legal tender, Economic Affairs Secy Shaktikant Das announced that a new look Rs. 1,000 note, slightly smaller in size than the currently circulated Rs. 1,000 non legal tender will be re-introduced in the markets.

This new look currency tender is being designed by a team of 3 people in the Reserve Bank of India, as per Media Reports.  The new note will be a significant change in terms of design and features.  It will be a few months before this takes effect.  Accordingly, the regulators will wait for the financial system to stabilize after the decision taken on 8th November, post which the Rs. 1000 denomination will be re-introduced.

As per a spokesperson of the Finance Minister, the decision to keep the Rs. 1,000 denomination was already agreed to in the higher echelons of the administration, however since the highest fake notes are in the currently discontinued Rs. 1000 currency, the denomination will be re-introduced with new security features.

Also to be noted is the fact the till March 2016, it is assumed that approximately Rs. 14 Lakh Crore worth of high currency denomination (Rs. 500 / Rs. 1,000) have been in circulation in the market, and due to this immediate measure, approximately Rs. 4 Lakh Crore of such currency which is fake, will be rendered useless.

To join us on Facebook Click Here and Subscribe to UdaipurTimes Broadcast channels on   GoogleNews |  Telegram |  Signal