Three months after declaring it illegal, Modi government to reintroduce Rs 1,000 notes

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Unbelievable as it may sound, but the Reserve Bank of India and the government have reportedly made up their minds to reintroduce Rs 1,000 notes to replace the note of similar value, that Prime Minister Narendra Modi had declared invalid on 8 November last year.

Quoting senior government officials, Indian Express reported that the RBI has already started production of the new Rs 1,000 note.

reintroduce Rs 1,000 notes
The photo of new note was published by India Today, which said the new Rs 1000 note may look like this

The report further added that the initial plan was to introduce the new Rs 1,000 note in January but “it has been delayed due to the pressing need to supply Rs 500 notes”.

The news comes a day after Baba Ramdev said the Rs 2,000 should be withdrawn calling the denomination as the root cause for economic crimes.

PM Modi on 8 November had declared Rs 500 and Rs 1,000 notes illegal blaming them for promoting black money. The government had then introduced new Rs 500 and Rs 2,000 notes.

More than 200 people had died due to demonetisation related stress. The government and the RBI had come under plenty of criticism for constantly changing policies during the demonetisation period. More than 70 new rules were passed during the 50 day period of the note ban.

Prime Minister Modi had promised to restore normalcy by 30 December, but ATMs across the country continue to remain without cash.

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