Rs1000 notes with enhanced security features, will be re-introduced in few months: DEA Shaktikanta Das

New Delhi: In a few months, Rs 1000 notes with enhanced security features, different colour will be re-introduced said Department of Economic Affairs Secretary Shaktikanta Das, on Thursday.  He made this statement during the inauguration of Two-day Economic Editors' conference- 2016 in which Finance Minister Arun Jaitley was also present. "From time to time, new series of notes with new features. Designs will be infused in the market", Mr Das said. RBI will closely monitor and release new Rs 2000 notes, said DEA Secretary. "Let me make it clear, legal tender status of existing Rs 100, 50 and other denomination notes will continue to be legal tender," he stressed. All denomination of notes will be reintroduced with new design and new features, Das added. Speaking at the occasion, Finance Minister said-"People depositing small amount (in banks) will not face any problem; revenue department will not take notice of small depositors." Throughout the country all banks have opened on Thursday and the process of exchanging old Rs 500 and Rs 1000 notes have started. In post offices too, the notes can be exchanged after showing ID proof. "This decision (scrapping of Rs 500/1000 notes) will impact the spending habits of people" FM Arun Jaitley said and added-"For few days people might think that they are facing problems, but in long run they will definitely benefit". Instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth, said CEA (Chief Economic Adviser) Arvind Subramanian. Upto what amount there will be no penalty: Any account holder can deposit money upto 2.5 lakh and there will be no cross-questions asked. Government will consider the amount to be depositor's saved money. But if the amount will be more than Rs 10 lakh, it will come under tax evasion. There will be a penalty of 200 percent in addition to tax on such amount. Security at banks: Over 3000 paramilitary and police personnel, quick reaction teams deployed in Delhi for security in banks. Banks re-open after Rs 500/Rs 1,000 notes demonetised: As the banks reopened for the first time on Thursday since the demonetisation of Rs 500 and Rs 1000 notes on Tuesday night, many rushed to exchange old notes with loose change and to deposit the rest. "The rush was already there when I reached office. Now we are running at full capacity, and there must be 80 odd people inside the bank now," Mukul, a sales executive at Axis bank in Noida said when it opened at 8 a.m. He was standing outside to distribute the withdrawal forms to the customers. "We were told to come early and our shift has also been extended by two hours. We were anticipating such a crowd," he added. A Kotak Bank nearby also witnessed a long queue outside, as the customers inside were being attended to. An overnight guard outside the nearby Kotak bank said that the people had started gathering in the morning even before the bank opened and that people had been standing there for a long time. "I'm standing in the queue for the last one hour. I had come around 9, I think should've come early," a customer standing in queue, who had come for exchange and deposit both, told IANS. Most banks deployed at least two of their employees outside the gate to guide the people with forms and other instructions. However, details of the form aside, almost every customer seemed to know the limited amount for exchange, deposit, and everything else concerning the post-ban procedures. "You can exchange notes worth Rs 4000, while there's no upper cap to the amount you can deposit," a seemingly well informed customer told IANS. But the rush was not completely without its share of chaos which usually attends such situations, as there were instances of people cutting in lines and others admonishing them for doing so. "I am not cutting line, my friend is already inside I just need to give him the photostat of his identity card," a man was heard pleading to the guard and people standing in queue.