'No Proposal To Bring Back Rs 1,000 Notes,' Clarifies RBI Governor After Rs 2,000 Notes Withdrawal Announcement

Amid the chaos that the withdrawal of Rs 2,000 notes from circulation has caused, it is?rumoured that the Rs 1,000 currency notes--which were?demonetised in November 2016--may be brought back. After the withdrawal of Rs 2,000 notes, Rs500 notes will be the highest currency denomination in India.

RBI Governor Denies Bringing Back Rs 1,000 Notes

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However, the RBI governor Shaktikanta Das has clarified that there was no proposal to introduce Rs 1,000 notes?and insisted that the decision to withdraw the high-value notes was part of the RBI’s clean note policy.?

"That's speculative. There's no such proposal right now,"? he said when asked whether there is a possibility of reintroducing?Rs 1,000 notes.?RBI governor Das also said that the security features of the Mahatma Gandhi series notes had not been breached despite it being vulnerable to attempts to clone it, as per TOI report.

Also Read:?6 Years On Since Demonetization, Here's What Happened To The Old 500 & 1000 Rupee Notes

"Only 10% Of Notes In Circulation Were Of Rs 2,000"

Amid concerns over the withdrawal of the Rs 2,000 notes, the RBI governor said the decision will have a “very marginal impact” on the economy as the share of?Rs?2,000 notes was just over 10% of the notes in circulation and they were not used extensively in transactions.

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“Indian currency management system is very robust. Our exchange rate, against the dollar, is among the least volatile amongst our peer countries,” the governor said.

Das reiterated that usual cash deposit rules have to be followed and it was for other agencies to assess deposits. He reportedly said that based on demand trends, most banks have modified their ATMs and there aren’t too many giving out Rs 2,000 notes.

He also said that there was “more than sufficient stock” of notes of other denominations available with banks and RBI, which can be used to replenish the stock of Rs 2,000 notes that get sucked out. “So far, as liquidity in the system is concerned RBI monitors liquidity in the system and we respond to it,” Das said.

Also Read:?RBI Governor?Says Next Financial Crisis Will Come From Private?Crypto

Netizens Expecting Re-introduction Of Rs 1,000 Notes

Following RBI's announcement of the withdrawal of Rs2,000 notes from circulation, many Twitter users are expecting the govt to bring back the ?1,000 notes despite the RBI governor dismissing the rumours.

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