No plans to reintroduce Rs 1,000 notes, says Shaktikanta Das

The government has no plans to reintroduce Rs 1,000 notes, economic affairs Secretary Shaktikanta Das said on Wednesday, three months after a decision to scrap Rs 500 and Rs 1000 banknotes in India’s fight against black money, corruption and terror funding.

The government has no plans to reintroduce Rs 1,000 notes, economic affairs secretary Shaktikanta Das said on Wednesday, three months after a decision to scrap Rs 500 and Rs 1000 banknotes in India’s fight against black money, corruption and terror funding.

There was speculation that the Rs 1,000 note could make a comeback as consumers say they continue to face problems in transacting with the Rs 2,000 notes at the retail level. (Shankar Mourya/HT Photo)

The shock move led to a severe cash crunch. The government has said it will replenish most of the withdrawn cash – about 86% of the money in circulation -- with new 2000-and 500-rupee notes.

Das tweeted:

There was speculation that the Rs 1,000 note could make a comeback as consumers say they continue to face problems in transacting with the Rs 2,000 notes at the retail level.

The Congress criticised the Narendra Modi-led government over opting for Rs 2,000 notes instead of Rs 1,000 to fight graft.

Political protests against a cash crunch suffered by people rocked Parliament during the winter session even as the government justified its move and blamed Opposition for supporting the corrupt.