New Delhi: Ever since the government announced the massive cash clean-up, there has been a question as to why they decided to do away with Rs 1,000 notes.
A Rs 2,000 note made sense as this would bring more money back into circulation faster. There was also an option of introducing currencies of greater value, which was rejected.
Along with Rs 2,000 notes, the other option was to introduce either Rs 1,000 or Rs 500 notes during the first phase.
The problem of getting small change — which people are facing now with the Rs 2000 notes- would have only accentuated if the second currency was Rs 1000.
Economic Affairs Secretary Saktikanta Das said at a press conference that the new notes will be of a different colour and design.
The new Rs 500 banknotes have extra security features besides having peculiar colour, theme and size which differentiate the new bills from the earlier series.
The Rs 2,000 notes, which are being introduced for the first time, are of magenta colour with Mangalayan imprinted on the reverse side.
The currency notes of lower denomination of Rs 100 and Rs 50 will continue to be the legal tender, Das said, adding the Reserve Bank will come out with new series of such notes with new design and added security features.
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