|
|
Change Your Life! |
India to introduce high denomination currency note |
|
News |
May 17, 2000
NEW DELHI, MAY 16 (AP) - The government will reintroduce a high denomination 1,000 rupee currency note from July, Finance Minister Yashwant Sinha told Parliament Tuesday.
The 1,000 rupee (dlrs 23) note was taken out of circulation in 1978 because the government felt that the high denomination "facilitated illicit transfer of money for financing transactions which are harmful to the national economy," Sinha said.
"Considering the volume of notes in circulation at present, it's now considered necessary to reintroduce the 1,000 rupee bank note so as to enable the government to bring about improvement in the note supply position in the country," Sinha said.
Currently, the highest denomination in circulation is the 500 rupee note. The new bank note will have additional security features such as anti-copier features, optically variable ink and a magnetic windowed security thread to prevent counterfeiting. |