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Rs 1,000 Note to be Reintroduced by RBI and Govt, Not Clear When

File photo of Reserve Bank of India  (Photo: Reuters)

File photo of Reserve Bank of India (Photo: Reuters)

The Reserve Bank of India and the government have finalised plans to launch a new series of 1000 rupee notes to replace the ones that were withdrawn, Indian Express reported citing a government official they didn’t identify.

New Delhi: The Reserve Bank of India and the government have finalised plans to launch a new series of 1,000 rupee notes to replace the ones that were withdrawn, Indian Express reported citing a government official they didn’t identify.

It is not clear when the new notes will be introduced, but the RBI has already started production.

It was supposed to be introduced in January, but the schedule has been delayed due to the need to supply 500 rupee notes to replenish the stock of old notes that were demonetized in November.

Prime Minister Narendra Modi on November 8 announced that 1000 and 500 rupee bank notes worth Rs. 15.44 lakh crore were being withdrawn in an effort to fight corruption and flush out black money.

first published:February 21, 2017, 11:38 IST