New Rs 200 note will be rolled out soon by RBI

24 August, 2017, 02:49 | Author: Valerie Burke
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Introduction of Rs 200 note will fill in the "missing middle" even as the new currency in circulation (CIC) has already reached 84% of the pre-demonetisation level, State Bank of India (SBI) said in a report in July.

Reserve Bank of India appears to be giving highest emphasis on how to avoid the possibility of an illegal trade of currency notes as it prepares to introduce Rs 200 denominated bank notes for the first time in history.

Prime Minister Narendra Modi in November previous year announced that the Rs 500 and 1,000 notes would no longer be legal tender.

The government on Wednesday notified currency notes in the denomination of Rs 200.

The central bank had made a decision to bring in Rs 200 notes in March after consulting the finance ministry, the PTI report said.

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The fund service, in a notice, said that on the suggestions of the Central Board of Directors of the RBI, "the focal government thus determines the section of banknotes of the estimation of two hundred rupees".

Arun Jaitley refuted all suggestion that the Rs 2,000 note will be banned by the government or will soon be phased out of circulation. The notes have reportedly gone through multiple checks for security and quality at government printing presses.

Recently, the printing of Rs 2000 is completely stopped and Rs 200 currency notes were started printing. "The whole process regarding when the notes will be printed, the RBI will take care of that issue".

Post-demonetisation, there have been reports of people facing problems in using the Rs 2,000 note as sufficient quantum of smaller denomination notes of Rs 100 and Rs 500 were not available.

In a surprise announcement, Prime Minister Narendra Modi announced scrapping of old notes of Rs 1,000 and Rs 500 notes, wiping out over 85 percent of the cash in circulation.

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