The central government has announced that it will reintroduce redesigned currency notes of Rs 1000 denomination within a few months. Speaking at the Economic Editorsâ€™ 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