Reserve Bank of India (RBI) has speeden up the exercise to launch the currency notes in denominations of Rs 1,000.
RBI Sources say, Launch of Rs 1,000 notes was scheduled to happen in January 2017 itself but got delayed because of the cash crunch post demonetisation. Focus now shifted to the printing of new series Rs 1,000 notes as there is already enough new Rs 500 and Rs 2,000 notes in the market. From Feb 20th, The Limit on cash withdrawals from Savings Bank Accounts has been increased to Rs 50,000 per Week from Rs 24,000 per Week. All the limits on cash withdrawals will be removed on March 13th, 2017.
By January 27th this year, As much as Rs 9.92 lakh crore (All Denominations) is in circulation. However, Central Bank remained tight-lipped on the total value of Rs 500 and Rs 2000 notes issued so far. Its too early to say if Rs 2,000 will be scrapped after the introduction of new currency in denomination of Rs 1,000.
RBI Sources say, Launch of Rs 1,000 notes was scheduled to happen in January 2017 itself but got delayed because of the cash crunch post demonetisation. Focus now shifted to the printing of new series Rs 1,000 notes as there is already enough new Rs 500 and Rs 2,000 notes in the market. From Feb 20th, The Limit on cash withdrawals from Savings Bank Accounts has been increased to Rs 50,000 per Week from Rs 24,000 per Week. All the limits on cash withdrawals will be removed on March 13th, 2017.
By January 27th this year, As much as Rs 9.92 lakh crore (All Denominations) is in circulation. However, Central Bank remained tight-lipped on the total value of Rs 500 and Rs 2000 notes issued so far. Its too early to say if Rs 2,000 will be scrapped after the introduction of new currency in denomination of Rs 1,000.