1,000 Rupee Note Not Coming, Don't Overdraw From ATMs, Urges Shaktikanta Das

1,000 Rupee Note Not Coming, Don't Overdraw From ATMs, Urges Shaktikanta Das

The governments demonetisation move in November took away 86% of currency out of circulation.

The government has no plans to re-introduce 1,000 rupee notes and is focusing to increase production of lower denomination currencies to address cash shortage, Economic Affairs Secretary Shaktikanta Das said today. "No plans to introduce Rs 1000 notes. Focus is on production and supply of Rs 500 and lower denomination notes," he tweeted. In another tweet, he said: "Complaints of cash out in ATMs being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others."
Last week, Finance Minister Arun Jaitley had said the remonetisation situation with regard to replenishing the scrapped currency is "almost normal" now and the Reserve Bank is monitoring the supply on a daily basis.
  The government had announced withdrawal of old 500 and 1,000 rupee currency notes on November 8, 2016, with an aim to check black money, counterfeit notes and terror financing. This took away 86 per cent or Rs 15.44 lakh crore out of circulation. The Reserve Bank of India has been gradually relaxing withdrawal restrictions imposed after the notes ban.

From February 20, the limits from cash withdrawal from savings bank accounts were increased to Rs 50,000 per week. And effective March 13, 2017, there will be no limits on cash withdrawal from savings bank accounts.

Asked about the amount of scrapped currency received by banks post demonetisation, the finance minister said RBI Governor Urjit Patel had recently informed that the central bank would disclose the figure only after the process of currency verification is complete.

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"Whatever time is required, RBI will take that much time. I would not like to say anything thing beyond that," he added.

(With agency inputs)