No plans to introduce Rs 1,000 notes; enough cash available: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das put all speculations to an end, confirming the Govt has no plans to introduce new Rs 1,000 notes.

"No plans to introduce Rs 1000 notes. Focus is on production and supply of Rs 500 and lower denomination notes," tweeted Das today after some media outlets quoted "senior government officials" yesterday saying quite the opposite.

He also tweeted about the issue of the ongoing cash shortage at ATMs, still, more than two months after the introduction of new Rs 500 and Rs 2,000 notes.

"Complaints of cash (being) out in ATMs (are) being addressed. Request everyone to draw the cash they actually require. Overdrawal by some deprives others," Das tweeted.

Reportedly, the supply of currency to ATMs has risen 80-85% from pre-note ban levels, but the fear of not having enough liquid cash is driving people to hoard it.

"The moment there are Rs 500 notes at an ATM, people tend to queue up and keep the cash with them even if they don't need it. I believe this fear among the general public will take another few weeks to ebb and make things absolutely normal," Anand Garollu, India services general manager, NCR Corporation, told ET.

According to the experts, while the overall weekly withdrawal limit of Rs 24,000 on savings accounts remains, the daily curb on cash from ATMs has been lifted. That's one of the reasons ATMs are emptying out rapidly.

"If an ATM was receiving 120 customers daily before, now it hovers around 130 to 140, still around 10% more," Garollu told ET.
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