Wednesday, 20 September, 2017

Rs 1000 note to make a comeback in new avatar

DNA Exclusive RBI to come out with brand-new Rs 1,000 note DNA Exclusive RBI to come out with brand-new Rs 1,000 note
Debra Rodriguez | 31 August, 2017, 07:04

For some categories of people, like NRIs, however, the deadline was June 30. During FY17, altogether 762,072 counterfeit notes were detected in the banking system, of which 95.7 per cent were detected by commercial banks.

The DNA report has been quoted by Business Today, saying: "the RBI is finally preparing to print Rs 1000 note at printing presses in Mysore and Salboni, and the new notes could be available within months".

Finance Minister Arun Jaitley on Wednesday said that the volume of cash in circulation had dropped by 17%, as per the RBI report. As per the survey, the result showed the rate of FICN detected per million pieces of notes at 7.1 pieces for 500 denomination and 19.1 pieces for 1000 denomination.

The central bank also said it was in discussion with the government whether to accept the demonetised notes held by citizens and financial institutions in Nepal.

After the note ban, old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

Tucked away in a corner of the report is a table that gives the bank notes in circulation at the end of March 2017. Reserve Bank of India News RBI All Set For Rs 1000 Notes: Reserve Bank of India announced that Rs 1000 notes will be introduced soon and the design, colour are being worked now currently. There was reimbursement of cost for finished banknotes, work in progress, raw materials, etc.as the printing presses had to discontinue printing of Rs 500 and Rs 1,000 denomination banknotes which were withdrawn in November 2016. Overall only 0.0013% of the Rs 15.4 lakh crore of demonetised currency was found to be fake.

He also claimed that the RBI had "gained" Rs 16000 crore, but "lost" Rs 21000 crore in printing new notes. "The economists deserve Nobel Prize", he tweeted.

The data suggests at the end of March 2017, there were Rs 8,925 crore worth of Rs 1,000 notes still in "circulation". These were issued by select RBI offices and some banks. He said the demonetisation was not a move to confiscate currency. The objective was formalisation of the economy, attack on black money, making the system less dependent on cash, blow to terrorism.

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