The Reserve Bank is expected to introduce Rs 200 notes in the coming months. The process of printing the new ₹200 notes is likely to begin after June, once the government officially approves this new denomination.
This is being done to ease pressure on lower—denomination currencies that are in short supply. The central bank had reportedly decided to bring in Rs 200 notes in March after consulting the finance ministry, they said. The notes are going through multiple checks for security and quality at government printing presses.
Rs 200 in the economy are yet to be out but it is likely to restrict its circulation only through banks. In view of the chaotic recalibration process of ATMs that occurred following the introduction of two high-denomination banknotes earlier in November last year, the central bank has decided to avoid its dispensation from the Automatic Teller Machines (ATMs). When the Centre announced demonetisation of Rs 500 and Rs 1000 notes, the reprogramming of ATMs took weeks and this delayed dispensing of currencies.
This led to much inconvenience for the public as ATMs went dry in view of the scarcity of lower denominations and inability to dispense high denomination currencies. If this would happen with the 200 rupees notes too, then it would take months again.
They also said that there is no immediate plans to re- introduce Rs 1,000 notes. Last year in November, the government had demonetised the old 500 and 1,000 rupee notes.
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% of the cash in circulation. The move was aimed at checking black money, counterfeit notes and terror financing.
One Comment