Rs 1000 notes that were scrapped away on November 8 along with Rs 500 notes, will soon be back in the market with a number of modifications. The Reserve Bank of India is reportedly in the process of printing new Rs 1000 notes that became an illegal tender when Prime Minister Narendra Modi announced the government’s decision to demonetise higher denomination currency notes.
According to reports, the RBI was supposed to launch new Rs 1000 notes in the month of January but could not go ahead with the plan due to the increase in demand of new Rs 500 notes stemming from the cash crunch. However, it still not unclear as to when the new Rs 1000 notes will hit the market. The government had introduced new Rs 2000 and Rs 500 notes in a bid to replace the old Rs 1000 and Rs 500 currency notes.
In what could be a huge relief for a number of people across the country, the weekly cash withdrawal limit for savings bank account has been increased to Rs 50,000. The Reserve Bank of India announced that starting February 20 you will be able to withdraw Rs 50,000 weekly. The announcement came with the announcement that there will be no limit on cash withdrawal from March 13.
In a bid to improve the cash crunch that had been going on since the demonetisation announcement RBI on February 8 announced that there will be no limit on cash withdrawal from savings bank account from March 13.
Deputy Governor RBI, SS Mundra affirmed on behalf of the central bank that India’s banking system is robust, and to say that there are flaws because of few incidents was wrong. PM Modi took the entire country by surprise on November 8 with his announcement of scrapping the higher denomination Rs 500 and Rs 1000 notes. Despite facing criticism from the opposition parties PM Modi hailed the decision while asserting that it had helped effectively to fight the black money menace.
