New 1000 rupee note printing underway on pilot basis

New 1000 rupee note printing underway on pilot basis

Ronak Mastakar Updated: Thursday, May 30, 2019, 10:38 AM IST
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A week before the government demonetised Rs 500 and Rs 1000 notes, an image showing a brand new Rs 2000 note had leaked on social media.

The speculation around the leaked picture finally ended after the Reserve Bank of India (RBI) unveiled the new Rs 2000 note following Prime Minister Narendra Modi’s announcement.

But now again same kind of images are being forwarded by various sources. But this time the image is of new Rs 1000 note. Sources has confirmed about printing of the new 1000 rupee note in underway. And earlier Shaktikanta Das, Economic Affairs Secretary had also hinted for the same.

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The Reserve Bank of India has started printing Rs 1000 note on a pilot basis. But RBI has no plan to roll out these new Rs 1000 immediately, a banking industry source said.

The source also disclosed that, the introduction of the new Rs 1000 note is yet to be finalised. The government and RBI both have both agreed on the specifics. The notes are most likely to hit the market post the March, the colour of the new Rs.1000 is likely to have greenish-blue undertone.

Earlier on the Deputy governor R Gandhi had expressed on 7 December his views on demonetisation, while talking on Rs 1000 note he said, Yes down the line there can be a decision relating to that. As of now we have not determined anything about it.

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Earlier on 10 November, Shaktikanta Das, Economic Affairs Secretary, had also mentioned about the new Rs 1000 note “In the next few months, Rs. 1,000 notes will also be brought in with a new dimension and design.”

The Viral Image of Rs 1000 note:

Few weeks back a image of a Rs 1000 new note had gone viral on social media and was circulated on whatsapp. But, earlier the Finance Ministry had denied all plans in relation to the introduction of the same. While the long term economic impact of introducing a 1000 rupee note is uncertain, it might help alleviate current exchange issues till the time the supply of Rs 500 notes is increased and people start accepting Rs 2000 notes.

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Having said that, if the government is indeed planning to introduce a new Rs 1000 note, it’s likely that we will have to wait for an official announcement from the centre. Before that, there’s very little that can be done to verify its authenticity.

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