Clear status on New Rs. 1000 note ?
The happenings in the economic sphere of India are so fast and unpredictable that no one can guess what new announcement will be made by the Prime Minister, Mr. Nariender Modi, from Finance Minister or governor of RBI from the morning to evening. Most astonishingly the decisions often get modified or reversed totally that has kept the market, investors and people at large on panic mode. This has created a credibility crisis for the government with the common question – What Next ?
Likewise, last year PM Modi announced the demonetisation in India and notes of Rs 500 and Rs 1,000 were not legal tender, but after some days Rs 2,000 note and Rs 500 were introduce by the government with change in design, color and features, but Rs 1,000 note is still not launched. There is news circulating on internet about the launch of Rs 1,000 note soon. Reports suggest that printing of new Rs 1,000 note has already begun and it may be introduced soon. According to Indian Express, the Reserve Bank of India (RBI) had planned to launch the new note in January but it was delayed as the central bank was pre-occupied with pressing need to supply Rs 500 notes.
February 20 onward, the limit on cash withdrawals from savings bank accounts are being raised to Rs 50,000 per week from the earlier limit of Rs 24,000 per week. Effective March 13, all limits on cash withdrawal from savings bank accounts will be removed. Transactions in Rs 2,000 notes are expected to become easier with the introduction of Rs 1,000 denomination notes. While a bulk of the currency that was demonetised has been deposited into banks.
There are fake notes in the market; Pakistan-based counterfeiters have copied the geometric patterns and the colour scheme both on obverse and the reverse side including watermark, and the exclusive number pattern of the Rs 2,000 currency. In genuine note there are 13 security features including two for visually impaired.
