New Delhi, Aug 30: The government has no plan to reintroduce Rs 1,000 notes that were taken out of circulation by the demonetisation last November, a senior official said.
“There is no proposal to reintroduce Rs 1000 note,” Economic Affairs Secretary Subhash Chandra Garg said in a tweet.
The Reserve Bank of India (RBI) launched the Rs 200 denomination banknotes to increase the circulation of small notes.
The notes came in Mahatma Gandhi series bearing the signature of RBI Governor Urjit Patel.
The note has the motif of the Sanchi Stupa on the reverse while its base colour is bright yellow.
Noting that the optimal system of denominations of currency is one that minimises their number “and concurrently increase the probability of proffering exact change”, the central bank said that “in the lower end of the denomination series, Rs 200 is the missing one”.
“There is a logical need to introduce the missing denomination of Rs 200, which will make the present currency system more efficient.”
The RBI also said the supply of Rs 200 notes will soon be ramped up across the country through banking channels.