Rs 1000 note to make a comeback in new avatar: Report

The Rs 1,000-denomination note may be making comeback after its legal tender status was withdrawn in the demonetisation measure announced on November 8 last year, according to a media report

The government will soon start printing the new Rs 1,000 notes with enhanced security features as compared to its predecessor, Daily News & Analysis( DNA) reported.

Citing a person close to the development, the report said that work on the design and paper for printing the new Rs 1,000 notes was in full swing and that they could be out and in your wallets as soon as December this year. The person told the news agency that the Mysore and Salboni printing presses were getting ready to print the new currency notes.

An unnamed banker explained the rationale behind the move, telling DNA that the new Rs 1,000 notes were meant to bridge the gap between the current Rs 500 and Rs 2,000 notes.   The source added that the Rs 2,000 note would continue to exist.

Reserve Bank of India (RBI) last week launched the bright yellow Rs 200 denomination notes and said it would shortly ramp up the supply of the new currency note across the country.

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    By: KN Web Desk

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