Within just a couple of days to release of Rs 200 notes, there were talks about possibility of reintroduction of the demonetised Rs 1000 notes, but the RBI has just clearly denied any such plans – and it is a complete hoax, don’t believe it.
The Central Bank has just introduced a new denomination – the yellow 200 Rupees currency notes on Friday; with ‘new currency, new currency’ flow, came the rumours of reintroduction of Rs 1000 notes. And as expected, any information related to ‘currency notes’ goes viral and spreads like wild fire – thanks to November 2016 demonetisation. Amidst all this, Economic Affairs Secretary Subhash Chandra Garg said, “There is no proposal to reintroduce 1,000 rupee note”, on Twitter; bursting the bubble and clearing us off any doubts.
We don’t even need statements from RBI or any officials to understand that Rs 1000 notes cannot be reintroduced even if RBI wants to, because it is only logical. The government demonetised Rs 500 and Rs 1000 notes for a reason – to curb black money, fake notes and terror financing. After demonetisation and within less than a year, the Central Bank has denominated four new notes, including – Rs 2000, two versions of Rs 500, Rs 200 and the upcoming Rs 50 notes. Four new denominations in less than a year is already way beyond the normal functioning of any country’s central bank.
Also we know that it is no child’s play to revoke or reintroduce currency notes – it takes all financial planning, political support, legitimate reasons to pass a law allowing the printing of new currency, economic balance and flow of money in country are just a few to count from. And they can’t just print out new notes each day – it will disrupt the economy, inflation could rise beyond repair – it is all very crucial, sensitive and very, very tough. So please, do not believe any currency news unless it is ‘officially declared by the Government or by the Reserved Bank of India’; especially not those ‘reintroduction’ ones because it is not going to happen for ages now, not literally though. And Rs 1000 note is long gone now, let it rest in peace.