New Delhi, Feb 22: Putting an end to speculations about the introduction of Rs 1000 notes, Secretary, Economic Affairs, Shaktikanta Das on Wednesday said that the government has no plan to introduce new Rs 1000 notes. Das took to twitter and informed that the government is focusing on production and supply of Rs 500 and lower denomination notes. On cash crunch at ATMs, Das informed that complaints of cash out in automated teller machine (ATM)s are being addressed by the government. The Economic Affairs Secretary also requested people to draw cash they actually require. He and said overdrawal of cash by some people may deprive the others who are genuinely in need. In a series of tweets, Das said that there is nough cash available. Also Read - Is RBI Planning to Scrap Old Notes of Rs 100, 10 And 5? Check Government's Statement
On Tuesday, Das revealed that the idea of demonetisation was first discussed with the Reserve Bank of India a year back in February 2016 when Raghuram Rajan was still the Governor. He said that the government decided to announce scrapping of Rs. 500 and Rs. 1000 notes in the Union Budget speech for 2016-17 but decided it did not since the execution required more planning. However, Shaktikanta Das on November 10, 2016 had said that Rs 1000 notes with new features will be brought into the market. He said this while addressing the Economic Editor’s Conference in New Delhi.
With an effort to curb the menace of corruption and black money, Prime Minister Narendra Modi on November 8 announced the scrapping of Rs 1000 and Rs 500 bank notes. Various efforts have been made by the government ever since to help the common man ease the cash crunch. The second most important agenda that the prime minister announced was stopping counterfeit currency from being used to fund terror groups and their operations.
The limit on cash withdrawals from savings bank accounts are being raised to Rs 50,000 per week from February 20 onwards. The earlier limit of cash withdrawals from savings bank accounts was Rs 24,000 per week. In a major development, all limits on cash withdrawal from savings bank accounts will be removed from March 13. The Reserve Bank of India (RBI) in its statement said that the limits on savings bank cash withdrawals post-demonetisation are to be withdrawn in two stages. “Cash withdrawal limit will be increased from Rs 24,000 to Rs 50,000 from February 20. There will be no restrictions on cash withdrawals from March 13,” the Central Bank stated.