PM Modi government scrapped 500 and 1,000 rupee notes from Tuesday midnight (File photo)
The Rs 1,000 note - banned at midnight on Tuesday - will make a comeback.
"In the next few months, Rs 1,000 notes will also be brought in with a new dimension and design," announced Shaktikanta Das, Economic Affairs Secretary today.
This morning saw people across the country scrambling to banks to turn in the now-invalid Rs 500 and Rs 1,000 notes. Till the end of the year, these will be accepted at banks and post offices. They can be swapped now for a limited amount of
new Rs 500 and Rs 2,000 notes, which have special features to prevent counterfeiting and track money laundering; the cap on accessing the new currency will be eased in two weeks, the government has said.
Officials said all existing denominations will in phases get
new security features and be reintroduced.
Delivering one of India's biggest-ever economic upsets,
Prime Minister Narendra Modi on Tuesday said that in a
huge attempt to check black or undeclared money, the high-denomination notes no longer hold any value and anyone holding these bills to take them to banks, which were closed yesterday to allow them to prepare for the transition.
Customers at banks this morning complained of long lines and delays, and senior citizens said no facilities had been provided to help ease their wait.
After snaking queues at petrol pumps yesterday, the
government warned of penalties for those found ignoring its orders to accept old notes till midnight on Friday. State-run hospitals and toll booths on highways have been told to do the same, while national freeways will not charge any toll till Saturday to help commuters.