Is Rs 1000 note making a comeback? Here's what you need to know

Amidst speculations, the Reserve Bank of India (RBI) has officially quashed rumors regarding the return of the Rs 1000 note. As of September 30, 87 percent of Rs 2000 notes have been returned, with Rs 10 thousand crores still in circulation.

Responding to social media speculation, RBI asserted that there are no plans to reintroduce the Rs 1000 note. In a tweet by ANI, RBI reiterated its position, dispelling concerns and confirming no intentions for a new Rs 1000 note.

 October 20, 2023

To ensure ample cash flow, RBI highlighted the production of a sufficient supply of Rs 500 notes, addressing potential cash availability issues. The surge in digital payments has also contributed to a reduced demand for physical cash.

RBI cautions the public against believing baseless rumors and emphasizes the government's dedication to maintaining a stable currency system.

A reminder of the 2016 demonetization reveals the withdrawal of Rs 1000 and old Rs 500 notes, replaced by new Rs 500 and Rs 2000 notes. The recent conclusion of the deadline for depositing and exchanging Rs 2000 notes in banks marks the end of their circulation.

While banks no longer accept Rs 2000 notes, individuals still have the option to exchange or deposit them at any of the 19 regional offices of RBI nationwide.