The central government has announced that it will reintroduce redesigned currency notes of Rs 1000 denomination within a few months. Speaking at the Economic Editors’ conference in New Delhi, Economic Affairs Secretary Shaktikanta also announced that currency notes of all denominations will be reintroduced with new designs and features over a period of time.
- Shaktikanta was speaking alongside Finance Minister Arun Jaitley and Chief Economic Adviser Arvind Subramaniam. Here are the highlights of their speeches:
- In a few months, Rs 1,000 notes with a new colour combination and new design will be released
- Currency notes of all denominations will be reintroduced with new designs and features over a period of time
- Existing Rs 100, Rs 50 and notes of other denominations will continue to be legal tender.
- There will be no harassment or questioning of people making small deposits of Rs 500 and Rs 1000 notes.
- It is only those with large amounts of undisclosed money who will have to face the consequences under existing laws
- Banking Department, Reserve Bank of India has taken all necessary steps to keep banks open to the extend necessary, has been kept open on weekend too
- Instead of seeing it (demonetization) as a reduction of wealth, it must be seen as transfer of unaccounted wealth.
- Currency change is not an action in isolation. Other steps like introduction of GST will also help in tackling black money