The Narendra Modi Government will re-introduce Rs 1,000 bank notes in a few months and also issue new series of lower denomination bills with enhanced security features.
The government 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.
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Following the demonetisation of the currency notes of Rs 500 and Rs 1,000, banks on Thursday started distributing new notes of Rs 500 and Rs 2,000.
The new Rs 500 bank notes 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, are of magenta colour with Mangalayan imprinted on the reverse side.
The higher value currency notes have other designs, geometric patterns aligning with the overall colour scheme both on the obverse and reverse.
The new denomination has motif of the Mangalayan on the reverse, depicting the country's first venture in interplanetary space.
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The Rs 500 banknotes are stone grey in color with a predominant new theme of the Indian heritage site Red Fort.
The RBI is introducing new design banknotes in the denomination of Rs 2,000 as part of Mahatma Gandhi (New) Series.
"In a few months, Rs 1,000 notes with new features will be brought into the market," said Economic Affairs Secretary Shaktikanta Das while addressing the Economic Editor's Conference in New Delhi on Thursday.
The currency notes of lower denomination of Rs 100 and Rs 50 will continue to be the legal tender, he said, adding the Reserve Bank will come out with new series of such notes with new design and added security features.
The Reserve Bank, time and again, has been introducing new series of currency notes with new design and enhanced security features.