If you thought Modi government’s decision to scrap Rs.500 and Rs.1,000 notes will make Rs 1000 note a history, then think again.
The Rs. 1,000 note will make a comeback and with a new dimension, design and security features, said Shaktikanta Das, Economic Affairs Secretary.
A team of Reserve Bank of India (RBI) is working round the clock to come up with new designs. The work will be completed in the next few months.
Das also said that following this there will be changes in Rs 50 and Rs 100 notes.
Of late, the number of counterfeit currency notes caught by banks and the Reserve Bank of India has risen tremendously and Rs 1000 note forms a significant portion of it.
Finance Ministry data presented in the Lok Sabha show that in all, 6.3 lakh counterfeit notes were detected in financial year 2015-16, up from 5.9 lakh in 2014-15 and 4.9 lakh in the year before that. In value terms, Rs. 29.6 crore worth of counterfeit notes were found in 2015-16, a rise from Rs. 28.7 crore in the previous year.
In a revolutionary decision, PM Modi announced scrapping of high-denomination notes of Rs.500 and Rs.1000. In what is considered as Prime Minister’s surgical strike on black money, the move was applauded by many as the strongest-ever measure against the parallel, black economy.
The PM had also sought to give the economy a veritable leg-up and people will now be compelled to use only legitimate transaction networks, making the government’s tax kitty bigger.