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The Reserve Bank of India is likely to release the new Rs 1,000 currency notes to bridge the gap between Rs 500 and Rs 2,000 notes created after the demonetisation in November 2016, reports DNA.
The new Rs 1,000 notes will be printed shortly at the Mysore and Salboni printing presses as the preparations for the design and paper are being carried out in full force, reports the newspaper.
"Printing of Rs 2,000-denominated notes stopped at least six months ago and now the Rs 200 notes are getting printed at these presses. Next in line for printing is the Rs 1,000 note," a person close to the development told the paper.
The new Rs 1,000 notes with improved security features will add to the easing of transactions between Rs 2,000 and Rs 500 currencies.
According to sources, the Rs 2,000 notes will continue to exist but the government is now planning to focus on lower value denominations.
New Rs 200 Currency Note: Everything You Need To Know
"The Rs 2,000 note was printed for faster remonetization but in hindsight, the government has realised that lower value denominations should be the focus," the source told the paper.
Last week, the RBI released the bright yellow Rs 200 and fluorescent blue Rs 50 notes which are in circulation. Currently, the new notes are indispensable at the ATMs due to their dimensions.
However, the ATMs will start dispensing new notes once they are recaliberated.
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