The Reserve Bank of India will issue fresh currency notes in denominations of ₹1,000, ₹100, ₹50 with new designs, specifications and enhanced security features, in the coming months.
“In due course, ₹1,000 notes will come back in the market with new dimensions, new design and new colour,” Economic Affairs Secretary Shaktikanta Das said at the Economic Editors’ Conference here on Thursday.
The new notes in the denomination of ₹2,000 are being issued due to factors of convenience and inflationary pressures.
His comments come after the government had on Tuesday night demonetised the existing ₹1,000 and ₹500 notes as legal tender to curb counterfeits, black money and terror financing.
Banks and post offices have started issuing the new series of ₹500 and ₹2,000 notes.
Das also said that denomination of notes will be re-introduced with new designs and added security features. However, the existing currency notes will continue to have legal tender status.
“The legal tender status of the existing ₹100 and ₹50 notes will continue,” he said.
Sources said the new notes are likely to be issued in the next three to four months. “It is a continuing exercise when new notes are issued along with existing notes,” said an official.
The Finance Ministry on Thursday also allowed old denomination currency notes of ₹500 and ₹1,000 to be used for payment of fees, charges, taxes, penalty to Central and State governments, including municipalities, local bodies as well as payment of utility charges to electricity and water.
“The facility will be available till midnight of November 11. Records will be maintained of deposits by people,” Das said.
FIIs in commodity trading Meanwhile, responding to a query, Das said the government is also considering a proposal to allow all foreign institutional investors in commodity trading but a decision has not been taken yet.
“Many suggestions have come with regard to permitting FIIs into commodity trading, but no decision has been taken. The matter is under consideration. The matter is also under consideration of the SEBI,” he said.