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New 1000 note to be launched soon; fake Rs 500 notes printed in Pakistan

Sources have revealed that new Rs 1000 currency notes will soon be released by RBI. Reports claim that RBI has already started printing the new Rs 1000 currency notes. On the condition of anonymity, sources have revealed that the release of new Rs 1000 notes was scheduled for January 2017, but the same could not be achieved because of the increased demand to print the new Rs 500 currency notes. Now, the circulation of the new Rs 500 note has reached comfortable levels, which will allow RBI to focus on the printing of the new Rs 1000 notes. However, it is not yet clear when the new Rs 1000 notes will be introduced in the market.

Meanwhile, in another development, it has been reported that fake Rs 500 currency notes are being printed in Pakistan. These will then be smuggled into India via Pakistan and Bangladesh border. Currently, the fake notes seized by security officials have mostly been in denominations of Rs 2000 notes, but reports indicate that printing of fake Rs 500 notes has already started in Pakistan. This is quite disturbing since the RBI had claimed that the new currency notes cannot be copied due to its high security features. However, as per the reports, it appears that fake currency makers are one step ahead in the game.

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