Currency notes of all denominations with new design to be issued: govt

People across the country flocked to banks today morning to exchange their now-defunct Rs 500 and Rs 1000 notes.

New Delhi:

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. Modi said that beginning November 10 until December 30, people can visit banks to exchange the Rs 500 and Rs 1000 notes they have with fresh currency. After December 30 and until March 31, 2017, a declaration will have to be issued in order to exchange the money.

New notes of Rs 500 and Rs 2000 were released into the economy on Thursday.

All ATMs remain shut on November 9 and 10, and banks have reopened on Thursday after being closed on Wednesday. The government has said that after ATMs reopen on Friday, a maximum of Rs 2000 can be withdrawn at a time, until further notice. The limit for one-time withdrawal from banks is Rs 10,000.

The government has also directed that those buying gold will have to provide their PAN number.

Also, the existing Rs 500 and Rs 1000 currency notes can be used at hospitals, to buy airline and railway tickets as well as at petrol pumps until November 11.