New Rs 200 Currency Notes From Next Month
New Delhi: Lower denomination Rs. 200 notes will be in circulation from next month onwards.
According to senior RBI officials, printing of Rs 200 notes has been in full swing at the Mysore RBI Printing Press. The process will take 21 days to be completed. All efforts are being made to put these in circulation as early as possible, the officials asserted.
Ministry of Finance had in March announced introduction of Rs 200 notes to overcome lower denomination currency deficit. This was following large-scale complaints, including from banks but mainly from people, that getting change for Rs 2000 has become very difficult. Central Government and Reserve Bank of India then decided to introduce Rs 200-denomination notes. They will be in addition to the currently available Rs 2000, Rs 500 and Rs 100 notes.
The Rs 200 notes, to be made available through banks from next month, will have maximum security features and go through multiple checks of security and quality at government printing presses before their release into the market. Additional security layers have been added to the new currency as a measure against circulation of fake notes.
According to an RBI report, currency with banks had reduced to 5.4 percent from 23.19 percent before demonetization. Introduction of new notes is expected to fill the demand and supply gap to a large extent.