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2:06 am - Saturday September 23, 2017

RBI to issue new currency notes of Rs 200

Agencies, New Delhi

The Reserve Bank of India (RBI) will soon issue new currency notes of Rs 200 as the Fianance ministry has issued a notification in this regard. It is believed that the notes may arrive in the month of September. Speculations were been made in the market in this regard for quite some time.

“In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two hundred rupees,” the finance ministry notified through the Gazette of India.

After the notification issued today, it is believed that the RBI will start the printing of the notes soon and will make it available for circulation as it has made all the arrangements in the past for the printing of the said notes. Introduction of Rs 200 notes will facilitate cash usages from a transaction motive perspective, and will increase the share of smaller denomination notes in the overall currency circulation. It is said that with fluorescent blue as its base colour, the new notes will bear the picture of the iconic stone chariot at Hampi, Karnataka, on the reverse.

The new note will measure 66mmx135mm. Since demonetization move by the Prime Minister Narendra Modi on November 8, 2016, it was speculated that Government will go for Rs 200 currency notes and will not allow the printing and circulation of Rs 1000 notes. Introduction of Rs 200 note will fill in the “missing middle” even as the new currency in circulation (CIC) has already reached 84 per cent of the pre-demonetisation level.

Posted in: Business

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