There is no plan to introduce new Rs 1000 notes, Economics Affair Secretary
Posted on: 22/Feb/2017 3:14:45 PM
The Economics Affair Secretary, Shaktikanta Das has stated that there is not any plan to introduce Rs 1000 notes, thus drawing a line to speculations in this regard.
There is no plan to introduce Rs 1000 notes. The focus is only on producing more number of Rs 500 and other lower denomination notes, said senior government officials.
Questions about cash shortage in ATMs even after two months of introducing Rs 500 and Rs 2000 notes were raised to Das. He replied stating that the issue is being addressed. He also requested the public to withdraw cash only for their need. When people over draw, it naturally affects others, Das tweeted.
It was also reported that the currency supply in ATMs is raised by 80 to 85 percent from pre-note ban levels. However, people hoard money as they still fear of deficit liquid cash levels in ATMs.
When an ATM dispenses Rs 500 notes, people queue up and withdraw as much cash as they can, even more than their actual need. It may take around a few weeks for the fear to subside and get normalized, said Anand Garollu, the Services General Manager of RC Corporation, a firm that copes with managing and making cash dispensing.
Though the weekly withdrawal limit is the same Rs 24,000, the daily curb at ATMs is on the rise. This is the primary reason for quick emptying of ATM cash.
