RBI Rules Out Reintroduction of Rs 1,000 Currency Notes

The Reserve Bank of India (RBI) is not planning to reintroduce Rs 1,000 currency notes, putting an end to recent speculations. The speculation arose after RBI's decision to withdraw Rs 2,000 currency notes from circulation in May.

RBI Governor Shaktikanta Das had already clarified earlier in the year that there was no proposal to reintroduce Rs 1,000 notes, dispelling the rumors that emerged when Rs 2,000 notes were withdrawn from circulation.

The introduction of Rs 2,000 notes in the first place was aimed at quickly meeting the currency needs of the economy following the demonetization of Rs 500 and Rs 1,000 bank notes in November 2016. However, once banknotes in other denominations became readily available, the RBI ceased the printing of Rs 2,000 notes in the fiscal year 2018-19.

Initially, individuals and entities holding Rs 2,000 notes were required to either exchange or deposit them in their bank accounts by September 30, with the deadline later extended to October 7. From October 8, people were given the choice to either exchange the notes or have the equivalent amount credited to their bank accounts at 19 RBI offices.