Reserve Bank of India (RBI) has planned to introduce new Rs. 200 notes very soon and it’s reported that printing is already underway. The new currency notes will include advanced security features. Before demonetisation on November 8 last year, a total of 1,650 crore pieces of Rs 500 notes were found to be in circulation. The introduction of these notes has come as a solution for the shortage that was caused due to the demonetization effect.
There was no official statement issued by RBI till now, however, if the same is true then it would be for the first time that this is being done. Reports also mention that there was a RBI board meeting held in the month of March where it was decided by the central bank to go ahead with the issue of the 200 rupee notes.
The notes are being printed by RBI in one of the government-owned facilities after it was ordered by RBI some weeks ago. As per sources, this is an exercise is to counterfeit and curb untaxed cash in Asia’s third-biggest economy.
SBI group’s chief economist Soumya Kanti Ghosh said: “For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations.”
Ghosh stated, “A minor part of that has been replenished by 2000 rupee notes and a larger part by the new 500 rupee notes, though not in full.” She added, “The introduction of 200 rupee notes will replenish the missing middle, triggered by the withdrawal of the old series of 500 rupee notes.”
There was 86% of currency in circulation of Rs 17.9 lakh crore when there was an order to withdraw Rs 500 and Rs 1,000 currency notes.
The introduction of rupees 200 notes would be a relief for the people especially when they get stuck with higher denominations. We are also getting news about 1000 rupee notes being printed in some time, however, there is no strong confirmation of it in this regard. Hence, we would not go with the rumor around us and stick to it only when it comes on board.