RBI to introduce Rs 200 notes by first week of September

Rs 200 note

Rs 200 note

Rs 500: New note has shades of green and is smaller in size as compared to the note of the previous series.

Meanwhile, Mr Jaitley said the Centre is not considering banning Rs 2,000 notes, and RBI will decide on the timing of issuing the new Rs 200 bill.

In yet another attempt to avoid the chances of an illegal trade of currency notes, the Reserve Bank of India is preparing to introduce notes of Rs 200 denominations for the first time in history. There will be no new 2000 Rs in India. Following the demonetisation on November 8 previous year, RBI had introduced Rs 2,000 notes and also issued new Rs 500 notes with additional security features.

All the new currency introduced since then have high-end security features.

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Today the Finance Ministry has made an announcement in the Gazette of India, stating " In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act since 1934. The Rs 2000 notes have a motif of India's Mars orbiter, the Mangalyaan on the reverse which is likely to be seen in the new Rs 200 notes too.

"Now, they brought Rs 2,000 and Rs 500 notes but they too should be scrapped", Naidu, who heads a panel of chief ministers on digital economy, had said. When higher denomination notes take up a higher proportion of currency in circulation it triggers illegal hoarding thereby adding to unaccounted money.

"The whole process regarding when the notes will be printed, RBI will take care of that issue".

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. Although the government has not specified the exact date of release of Rs 200 notes, some sources said that the new Rs 200 notes could become available at banks and ATMs as early as next week.

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