Is the Rs 1000 note making a comeback? You can also know by clicking!
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Amidst all the speculations, the Reserve Bank of India (RBI) has officially rejected the rumors regarding the withdrawal of the Rs 1000 note. As of September 30, 87 percent of Rs 2,000 notes have been returned, while Rs 10,000 crore are still in circulation.
Responding to social media speculations, RBI said there are no plans to reintroduce Rs 1,000 notes. In a tweet to ANI, the RBI reiterated its position, allaying concerns and confirming that it has no intention of introducing a new Rs 1,000 note.
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To ensure adequate cash flow, RBI highlighted the production of an adequate supply of Rs 500 notes, addressing potential cash availability issues. The rise in digital payments has also contributed to reducing demand for physical cash.
The RBI cautioned the public against believing baseless rumors and stressed the government's dedication to maintaining a stable currency system.
RBI is not in consideration of the re-introduction of Rs 1000 note: Sources
— ANI (@ANI) October 20, 2023
Reminiscences of the 2016 demonetization show that Rs 1000 and old Rs 500 notes were withdrawn, and replaced by new Rs 500 and Rs 2000 notes. Recently, Rs 2000 notes have gone out of circulation due to the expiry of the deadline for depositing and exchanging them in banks.
While banks no longer accept Rs 2000 notes, people still have the option to exchange or deposit them at any of the 19 regional offices of the RBI across the country.
