All denominations of currency notes will be reintroduced with new design and features says Economic Affairs Secretary
Government will re-introduce banknotes of 1000, 100 and 50’s in a few months and also issue new series of lower denomination bills with enhanced security features. This announcement was made during Finance Minister’s interaction with conference of Economic Editions in New Delhi on Thursday.
“In a few months, Rs 1,000 notes with new features will be brought into the market,” said Economic Affairs Secretary Shaktikanta Das adding that existing currency notes of lower denomination of Rs 100 and Rs 50 will continue to be the legal tender.
Speaking at the event Finance Minister Arun Jaitley said that Banking Department and RBI has taken all necessary steps to keep banks open to the extend if necessary.
On Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing. These are being replaced with new currency bills of Rs 500 and Rs 2,000.
“It is only those with large amounts of undisclosed money who will have to face the consequences under existing laws,” said Finance Minister.
The new Rs 500 banknotes have extra security features besides having peculiar colour, theme and size which differentiate the new bills from the earlier series.
The Rs 2,000 notes, which are being introduced for the first time, will be of magenta colour with Mangalayan imprinted on the reverse side. The higher value currency notes will have other designs, geometric patterns aligning with the overall colour scheme both on the obverse and reverse.
The RBI is introducing new design banknotes in the denomination of Rs 2,000 as part of Mahatma Gandhi (New) Series.