The much talked about and subject to various WhatsApp leaks, the Rs 200 note is going to be out soon.
The Reserve bank has reportedly began printing bills of 200 rupees.
The notes of Rs 200 denomination are being printed in one of the government-owned facilities after the RBI placed an order a few weeks ago for the bills.
“The new 200 notes will carry advanced security features. The authorities are taking extra precaution to prevent counterfeiting,” ET quoting a source reported.
Currently, those notes are going through different levels of security and quality checks at the government’s press unit at Hoshangabad (Madhya Pradesh), the sourse said
“For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations,” said Soumya Kanti Ghosh, group chief economist at the SBI Group.
The introduction of the Rs-200 currency notes predates the federal government’s decision to overnight withdraw bills of higher denomination in November as part of a broader exercise to stop counterfeiting and curbing untaxed cash in Asia’s third-biggest economy.
The RBI board had earlier cleared the proposal to issue banknotes of Rs 200 denomination. The government, too, had examined the introduction of the new notes that would help citizens transact easily.
Before the November 8 demonetisation, there were roughly 1,650 crore pieces of Rs 500 notes in circulation, according to data from the State Bank of India research. With the removal of this series from the system, there was a large gap in the value of notes in circulation.
During demonetisation, it had ordered the withdrawal of the then existing Rs 500 and Rs 1,000 currency notes, which accounted for about 86% of currency in circulation of Rs 17.9 lakh crore.