The Rs1,000 notes that were banned as part of black money crackdown, according to reports, will return with new security features.
Finance Secretary T K Pande was quoted by NDTV, on 10 November, saying that new Rs1,000 notes will return with new security features.
On 8 November, Prime Minister Narendra Modi had announced while addressing the nation that the Rs500 and Rs1,000 notes would no longer be considered as legal tenders to tackle the black money and fake currency in the country. He had said that around 80% of the fake currency in India is in denomination of Rs500 and Rs1,000.
After PM Modi address, the government had announced that cash above Rs. 2.5 lakh deposited in banks following the scrapping of Rs. 500 and Rs. 1,000 notes could attract a tax and a 200% penalty in case it is disproportionate to the account owner's income, the government has said.
The banks have been asked to keep the details of PAN card of people depositing such large amounts over the 50-day window till 30 December.