No proposal to reintroduce Rs 1,000 note: Govt

New Delhi: Economic Affairs Secretary Subhash Chandra Garg on Tuesday ruled out reintroduction of Rs 1,000 currency notes that were scrapped as part of the demonetisation move last November.

"There is no proposal to reintroduce 1,000 rupee note" said Economic Affairs Secretary in a tweet.

There is no proposal to reintroduce 1000 rupee note.

— Subhash Chandra Garg (@SecretaryDEA) August 29, 2017

The statement comes amid reports that the Reserve Bank of India (RBI) and the Centre have finalised plans to launch a new series of Rs 1,000 notes to replace the demonetised notes in November last year.

Meanwhile, the RBI has launched the Rs 200 note with an aim to make it easier for the common man to transact in lower denomination currencies.

Following the demonetisation of Rs 1,000 and Rs 500 notes last November, the central bank had introduced Rs 2,000 notes and new Rs 500 notes.

The RBI had said that Rs 200 note will provide the "missing link" and ensure optimal mix of currency denominations.

Prior to the introduction on the new notes, India has currency denominations of Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2000.

As such, in the lower end of the denomination series, Rs 200 has been the missing link. The RBI had recently introduced Rs 50 note with a new look and additional security features.

Earlier this month, Finance Minister Arun Jaitley had said that the government is not considering banning Rs 2,000 notes.