The Reserve Bank of India will introduce new Rs 1,000 notes with enhanced safety features by December, DNA reported on Monday. The development comes days after the central bank started printing Rs 200 denomination notes.
The printing presses at Mysore in Tamil Nadu and Salboni in West Bengal will soon print the revamped Rs 1,000 bills, an unidentified official told the newspaper, adding that these currency notes are being introduced to bridge the gap between the current Rs 500 and Rs 2,000 banknotes.
“The Rs 2,000 note will continue to exist, but the focus will be on the lower denomination notes,” the official told DNA. “The Rs 2,000 note was printed for faster remonetisation, but in hindsight, the government has realised that lower value denominations should be the focus.”
The official further said that the RBI had stopped printing Rs 2,000 notes six months ago, and that the focus was now on printing Rs 200 notes. However, the new currency is still not available at ATMs as the machines have not been recalibrated yet.
The Centre had demonetised Rs 500 and Rs 1,000 notes on November 8, 2016, in a bid to fight black money and corruption. Besides the Rs 2,000 bills, it had introduced new Rs 500 notes.