New currency notes of all denominations, including the scrapped Rs 1000 note, with new colour combinations and design will be released in a few months, Economic Affairs Secretary Shaktikanta Das said on Thursday at the Economic Editors’ Conference in Delhi.”From time to time, new series of notes with new features and designs will be infused in the market. New currency notes of all denominations will be introduced,” said Das in response to a question.
The current Rs 50 and 100 notes will continue to be valid as legal tender, he added. Seeking to allay concerns over the withdrawal of Rs 500 and Rs 1000 notes from the market, Finance Minister Arun Jaitley said that the government is trying to ensure that currency notes are made available to people at the earliest. Jaitley said that those who make small deposits in banks have nothing to worry about, but those holding large undisclosed income will face the consequences under the tax law.
CEA Arvind Subramanian, replying to a question, said that instead of seeing demonetisation as a reduction of wealth, it must be seen as transfer of unaccounted wealth. Prime Minister Narendra Modi on Tuesday declared that all Rs 500 and Rs 1000 notes would cease to be legal tender from midnight of November 9.
