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Govt to re-introduce all currency denominations with new designs, features

black money crackdown Updated: Nov 10, 2016 15:08 IST
Dhrubo Jyoti
Rs 500 notes

In this file photo, finance minister Arun Jaitley addresses a seminar in Ahmedabad.(Reuters)

The government will re-introduce all currency note denominations with new designs and feature, economic affairs secretary Shaktikanta Das said on Thursday.

The government sprang a surprise on Tuesday by withdrawing Rs 500 and Rs 1,000 notes, causing an upheaval with millions of people holding cash savings hurled into uncertainty.

But the case will be different for smaller denominations, Das said. “Let me make it clear, the tender status of existing Rs 100, 50 or other denominations will continue to be legal,” the secretary said, as quoted by ANI.

“From time to time, new series of notes with new features and designs will be infused in the market.”

Read: ‘Cash-starved’ people form long queues as banks get down to business

Read: Govt says deposits above Rs 2.5 lakh to be taxed: Your 4 questions answered

Banks and automatic teller machines started dispensing new Rs 500 and Rs 2000 notes from Thursday. The new banknotes feature a radically new design, colour with additional safety mechanisms.

The government has said that people can deposit their cash in banks or get it exchanged. But the move has sparked widespread fear – especially among the poor who do not have bank accounts and keep their money in cash.

Read: Banks open, Rs 500, Rs 1000 notes banned: The big change in 17 points