![]() In January 1978, all high-denomination banknotes of ₹ 1000, ₹ 5000, and ₹ 10000 were demonetized in order to curb unaccounted cash money. Post-independence, the denomination was re-introduced in 1954. It was first introduced by the Reserve Bank of India in 1938 under British rule and subsequently demonetized in 1946. The Indian 1000-rupee banknote ( ₹1000) was a denomination of the Indian rupee. Special variety of cotton, linen, abaca and fibre Security thread, latent image, micro-lettering, intaglio print, fluorescent ink, optically variable ink, watermark, and see through registration device. ![]() Its monetary authority said that this was a “a pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes”.Obsolete denomination of the Indian Currency Canada withdraw its $1,000 note in 2000 due to concern that it was used for organised crime.Īt the start of this year, Singapore stopped issuing its $1,000 notes, one of the highest-value denominations in circulation anywhere in the world. ![]() In 2019, the European Union stopped producing its 500 euro note. However, Poland’s moves towards introducing higher-value notes go against the trend of other countries specifically moving away from them in order to tackle money laundering and other forms of crime. With the rise of the second wave of the coronavirus in October, Poles withdrew almost 7.9 billion zloty (€1.75 billion) more than in the previous month – the largest increase since an even larger leap in April, the first full month of lockdown. Demand for 500 zloty notes increased significantly in 2020, notes. With current low interest rates and the uncertainty of the pandemic, Poles have been withdrawing more cash. Negative interest rates introduced by a Polish bank for first time “If someone hides banknotes in their underwear drawer – they are afraid of what will happen for some reason – it is more convenient to put aside 500 or 1,000 zloty than the same amount in 50 zloty notes,” he said. Glapiński also claimed that the change would help normal people. “The central bank has limited storage capacity – we can’t keep all reserves in 5 zloty coins.” “It is just convenient to assemble a reserve in it,” continued the central bank chief, quoted by, a financial and business news website. He added that he hoped this next president would be him, should he be re-elected for a second and final term once his current one expires in June 2022. ![]() “I think that the next president will introduce a 1,000 zloty note,” said Glapiński, speaking on Friday. Glapiński oversaw the introduction of Poland’s current highest-value bank note, 500 zloty, in 2017. Such a move would go against an international trend of countries withdrawing high-value notes from circulation due to concerns that they make it easier for criminals to move money around. Adam Glapiński says this would make it easier for the NBP to store its cash reserves as well as for people to keep money in “underwear drawers” at home. The head of Poland’s central bank (NBP) has announced that he is hoping to introduce a 1,000 zloty note (worth €220/US$266/£196). ![]()
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