RBI to introduce Rs 200 currency notes from September
New currency notes will hit the market by August end or first week of September. Initially, the total value of new Rs 200 notes would be around 50 crore
In order to avoid illegal trade of currency notes, the Reserve Bank of India is all set to come up with Rs 200 denominated bank notes for the first time. Reportedly, the new notes will hit the market by August end or first week of September. Initially, the total value of new Rs 200 notes would be around 50 crore.
As per a report in the Economic Times, “There is no other denomination available between Rs 100 and Rs 500 and RBI is expecting Rs 200 notes to become very popular and that’s why it is taking every step to ensure availability of it”.
For some time reports of illegal hoarding of the Rs 2000 bank notes and black marketing have come to light after it was introduced dramatically to remonetise the withdrawn currency from the system. Earlier, there were reports that RBI is planning to bring in new currency of Rs 200 in the economy to help in easier consumer transactions.
Also Read: RBI to introduce new Rs 500 currency note, old notes to continue: Reports
The central bank has also begun the process to print the new Rs 200 notes to bring India’s re-monetisation exercise to an end.The new Rs 200 currency notes are undergoing levels of security and quality checks at the government’s press unit at Hoshangabad.
On November 8, 2016, Prime Minister Narendra Modi announced demonetisation, after which notes of Rs 500 and Rs 1000 were declared invalid with immediate effect. The step was taken to reduce counterfeiting and to keep a check on untaxed cash.
(Source: Economic Times)
For interesting news videos from InUth, follow us on Youtube.com/InUthdotcom