One of the highly speculated bans of 500 and 1000 rupee note eventually being exchanged through banks and post offices comes with another bag full of surprise. 1000 rupee note, which was declared to be totally discarded and unused for future legal trade might make a comeback. Definitely a sigh of relief among the commoners, the 1000 rupee note will soon be released by the government of India along with 500 and brand new 2000 rupee notes all over the country.
As per the confirmation reports by Cabinet, the banned notes during the late evening of Tuesday will re-distributed through various post offices, banks, and ATMs. At present, 500 and 1000 rupee notes ought to be deposited in the respective banks within 50 days time. Although the appearance may be a bit late as for now only 500 and 2000 rupee notes have been issued for printing from RBI wherein 1000 rupee note to be cashed in thepublic domain may take time of a month or two.
According to Shaktikanta Das, Secretary of Economic Affairs,In the next few months, Rs. 1,000 notes will also be brought in with a new dimension and design.
The old notes of 500 and 1000 rupees which are getting exchanged in a severe manner all around the country will receive new printed notes soon with new security features based on varied technology. The notes will help in kerbing future money laundering, prevent counterfeiting, and so on. The new currencies will be distributed within two weeks. The reintroduced notes will have a different look thus impairing key feature which got imprinted never before in 500 and 2000 notes along with the now settled 1000 rupee notes too.
As per government strict orders, no old notes will be further accepted in medical centres/hospitals, toll booths, petrol pumps, State highways and so on. Also, strict measures and penalty will be thrown who will be seen violating the rules or even of a similar sort. Use of 100 rupee notes will be valid and legal for trade purposes until the banks do not distribute new notes.
On exceptional standards, only toll booths of national freeways are liable to accept old notes of 500 and 1000 so as to give appropriate service to the commuters but only till Saturday i.e. November 12, 2016.