Rs 1000 note to be back in new avatar

TIL Desk/Business/New Delhi-The RBI and the government have firmed up plans to launch a new series of Rs 1,000 notes shortly to replace the earlier note of similar denomination that was withdrawn from circulation following the November 8 demonetisation announcement, a senior government official has said.

The RBI, the official said, has already started production of the new Rs 1,000 note. According to the official, 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”.

It is not clear when the new note of Rs 1,000 will be officially introduced into the market. To replace old notes of Rs 500 and Rs 1,000 during demonetisation, the RBI had issued new notes of Rs 500 and Rs 2,000 which carried new designs, better security features and the picture of Mangalyaan on the back of the notes. The new notes are being issued to replace Rs 15.44 lakh crore worth of demonetised currency notes.