In January 1978, all high-denomination banknotes of ₹1000, ₹5000, and ₹10000 were demonetized in order to curb unaccounted cash money.

[1][2] In order to contain the volume of banknotes in circulation due to inflation, the ₹1000 banknote was again re-introduced in November 2000, under the government of Atal Bihari Vajpayee, as a part of the Mahatma Gandhi Series of banknotes; these were demonetized on 8 November 2016 by the Prime Minister of India Narendra Modi, with the claimed reasons of preventing the issue of counterfeit currency and to fight corruption and black money in India.

Languages included on the panel were Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

On 10 November 2016, the then Economic Affairs Secretary Shaktikanta Das announced a new ₹1000 banknote would be released in the Mahatma Gandhi New Series in the coming months.

[7] But on 22 February 2017, Das walked back on his earlier announcement to deny it, saying there was no plan to reintroduce the banknote.