Demonetization: Indian Government to re-introduce Rs 1000 Currency Notes with Advanced Security Features

new ₹1,000 notes will be re-introduced over the next few months with enhanced security features

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Customers line up outside a New Delhi bank to exchange outdated currency or make withdrawals. (A. Pasricha/VOA)

Imphal, Nov 26, 2016: Demonetization, which is causing such a major challenge to all the Indians both financially and medically has come up with a better solution this time with the announcement of new Rs. 1000 notes along with ‘enhanced’ features, says Economic secretary. It is definitely a partial relief, if not a permanent solution to all the problems.

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Secretary of Department of Economy Affairs, Shaktikanta Das on Thursday said new ₹1,000 notes will be re-introduced over the next few months with enhanced security features and in a different colour.

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Mentioning the new avtar of the scrapped thousand rupee note, Das also emphasised that the existing Rs. 100 and Rs. 50 will continue to be valid. However, the timeline of the re-introduction of the new note is not indicated.

The notes will be re-introduced in next few months. In addition to this, Economic Affairs Secretary also mentioned that all the denominations will be re-introduced in new design and features, mentioned ANI.

There has been enough chaos on streets regarding the currency swap move. Finance Minister Arun Jaitley also said that people depositing small amounts won’t face any harassment. However, those bringing large amounts are likely to face consequences.

According to HuffPost report, government also warned that a cash deposit of above Rs. 2.5 lakh threshold under the 50-day window could attract a tax plus 200% penalty if the cash deposited in bank accounts doesn’t match with income declared.

prepared by Saptaparni Goon of NewsGram. Twitter: @saptaparni_goon

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