If the CBI re-prints the 250 and 500 notes which I believe they are doing just prior to an RV, makes perfect sense to me. These are crossover denominations and the CBI has all along intended them to be left in circulation with the new notes. The old notes 250, 500 are counterfeitable and so in order to protect the money supply the CBI must re-print these notes also. Originally they were going to be left as is (not re-printed) when the CBI introduced the new currency.
As we now know today, state sponsored counterfeiters (Iran, Syria) would have a field day with these notes especially if the value is high. Today their value is so low that Iran has not counterfeited them but again that would change quickly with the new value. So it is my opinion that the CBI in realizing this has made a strategic decision to re-print these also to protect the currency.
The old notes will be removed quickly as they come into the bank much like our treasury does here in the states when changing out notes. Ultimately the largest denomination will be the 100. If I were in charge of the CBI I would not bother to reprint these notes but a valid argument could be made to re-print them as the plan as called for by the CBI has indicated that the 1000, 500,and 250 will be left to circulate along with the new smalls.
So I see nothing wrong in reprinting these notes in conjunction with an RV. It's a prudent move for them to have a complete re-printing if these notes if they are to be left to circulate with the new smalls. We are getting close.