After speculations and some media reports that new Rs 5,000 and Rs 10,000 notes may be introduced by RBI, the government has countered the speculation by saying that there are no such plans. The government has clearly denied that there are plans to print and introduce currency notes of Rs 5,000 and Rs 10,000. In a written reply to the Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said, “The matter was examined in consultation with the Reserve Bank of India and it has not been found suitable to introduce Rs 5,000 and Rs 10,000 note.”
It may be recalled that earlier, there were speculations about the introduction of new Rs 1,000 currency notes. However, this too was denied by the government. Some people were speculating that RBI might introduce Rs 5,000 and Rs 10,000 currency notes, as it will significantly reduce the printing costs for the central bank. However, things have become clear after the reply provided by Meghwal. It appears that the Rs 2,000 and Rs 500 currency notes introduced by the government after demonetization will continue to be the primary currency.