India Prints New 1000 Rupee Note 3 Months After Banning it
India is reintroducing the 1000 rupee banknote after withdrawing it just three months ago. Production is already starting but the release date remains unknown.
India is set to reintroduce its outlawed 1000 rupee note, just three months after the government withdrew it as part of currency reforms.
As local news resource, Indian Express reports, production of the new incarnation of the note has already started, although it is as yet unclear when it will enter circulation.
Production would have started in January, a senior government official told the paper, but “has been delayed due to the pressing need to supply Rs 500 notes.”
Prime Minister Narendra Modi’s decision to suddenly withdraw higher-denomination rupee notes Nov. 8 sent shockwaves through India’s largely cash-based economy.
Huge queues at banks became a common sight as users fought to find alternative ways of payment, which soon included buying and trading Bitcoin as a backup option.
Following the move, India became a highly active purchasing market, making number two on Purse.io’s Bitcoin discount marketplace listings.
Limits on savings withdrawals were also instigated, with Feb. 20 marking a deadline for the limit to be raised to 50,000 rupees ($746) per week.
Earlier this month, India’s central bank issued a public warning against the use of Bitcoin and cryptocurrencies.