The centre has declared on Thursday that RBI will soon be issuing new 1000, 100 and 50 Rs notes which will replace the existing ones. These new notes are said to have new design and features. They will gradually be released into the system and the older notes will slowly be phased out.

At the Economic Editors’ Conference on Thursday, the Economic Affairs Secretary Shaktikanta Das said   “The Reserve Bank of India (RBI) is going to monitor the release of the Rs.2,000 notes, and in due course, (and) within a few months, the Rs. 1,000 note will be reintroduced into the market with completely new dimensions, new design and new color from the old one,”.

He also confirmed that denomination of notes will be re-introduced with new designs and added security features. However, the existing currency notes will continue to have legal tender status. “The legal tender status of the existing â¹100 and â¹50 notes will continue,” said Mr. Das.

Sources have claimed that the new designs will soon be released in the coming months and while these new notes are much awaited, they are likely to be issued in the next three to four months.