RBI gets nod from Finance Ministry to print new Rs 200 notes
The Dollar Business Bureau
The Government on Wednesday gave its approval to the Reserve Bank of India (RBI) for issuing Rs.200 banknotes that will improve the currency situation and ease the pressure on lower value notes.
“On the recommendations of the Central Board of Directors of the RBI, the Central Government hereby specifies the denomination of banknotes of the value of Rs.200,” the Ministry of Finance said in a notification.
The new notes of Rs.200 denomination are expected to be in circulation soon.
However, it had been reported that the RBI would bring in these new notes in the month of March, after having consultation with the Ministry of Finance.
The step for printing Rs.200 notes is being taken in order to further improve the situation of currency in the country, according to reports.
In a surprise move, on November 9 last year, Prime Minister Narendra Modi had announced demonetisation of old currency notes of Rs.1,000 and Rs.500, wiping out more than 86% of the country’s currency in circulation.
Following the demonetisation, the RBI had introduced Rs.2,000 denomination notes and also issued a new notes of Rs.500 bearing additional features of security.
With the introduction of new Rs.200 denomination notes, the problems which people are facing because of high-value notes of Rs.2,000 would be eased.
In addition, RBI has introduced new banknotes of Rs.50 in fluorescent blue, bearing additional features such as a motif of 'Hampi with Chariot', depicting cultural heritage of India.