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 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 The government has said it will replenish most of the withdrawn cash – about 86% of the money in circulation -- with new 2000-and 500-rupee notes.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.
{{/usCountry}}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.
{{/usCountry}}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.