New currency notes of Rs 1,000 denomination in 15 days

New currency notes of Rs 1,000 denomination in 15 days
EXPRESS NEWS SERVICE

Nashik July 15: Union Minister of State for Finance Balasaheb Vikhe-Patil today said that new currency notes of Rs 1,000 denomination would be introduced within the next fortnight.

Vikhe-Patil also told reporters that steps were being taken to change the design of the existing currency notes to prevent its counterfeiting. He further said the printing of currency notes was being modernised for the purpose but in doing so total automation would not be done as it would affect the workforce.

He also added that self-sufficiency was being promoted in the manufacture of currency and coins. However, coins were still being imported as the cost of minting them was more than their face value, he said.

In reply to a question, he ruled out the possibility of deploying the Central Industrial Security Force at the India Security Press and the Currency Note Press, where thefts have been taking place, stating that these were stray incidents and the problem was not a serious one.

Referring to the restrictions imposed on the export of onions, Vikhe-Patil opined that it was incorrect to impose such a limit. He said it went against the spirit of open market economy and that there should not be any restriction on the quantity of exports of agricultural commodities. He said he had already spoken to Prime Minister Vajpayee on the issue and the restrictions on onion exports would be relaxed to allow more quantity of export and to delete the commodity from the purview of the essential commodities Act.

Earlier, addressing a meeting of the office-bearers of the Maharashtra Chamber of Commerce and Industries, Vikhe-Patil stressed the need to change the mindset of the people of the country in wake of the challenges posed by the free market economy.