KNZ NEWS DESK
The most awaited Rs 200 denominations will be rolled out by the Reserve Bank of India (RBI) tomorrow.
August 24, 2017
The most anticipated Rs 200 denomination currency will be rolled out by the Reserve Bank of India (RBI) tomorrow. Earlier the Government has issued a notification saying that the introduction of Rs 200 bank notes will take place soon. The RBI issued a notification regarding the same and revealed a picture of the new Rs 200 note. In an official statement, the central bank said the base colour of the note will be bright yellow and will have a host of other features that include motif of Sanchi Stupa on the reverse side and electrotype watermarks among others.
An Gazette notification issued on Wednesday said, “In exercise of the powers conferred by sub-section (1) of Section 24 of the Reserve Bank of India Act, 1934, and on the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two hundred rupees”.
As per reports, the Reserve Bank of India was in the final stages of introducing the new currency note in the market. The roll out of the new currency denomination will ensure that black marketing of notes doesn’t take place. Reports stated that the new supply Rs 200 currency notes which are believed to be worth Rs 50 crore will give a major push to the government’s efforts toward remonetisation. Prime Minister Narendra Modi on November 8 2016, sent shock waves across the nation after announcing that Rs 500 and Rs 100 denomination notes will not be a legal tender. After demonetisation, there was shortage of smaller denomination currency notes in the country. The introduction of Rs 200 notes, however, would address the demand for smaller currency notes in the country.
The printing order for Rs 200 currency notes was placed in May after the Finance Ministry in consultation with RBI took a decision in this regard. Minister of State for Finance Santosh Kumar Gangwar had earlier informed that Rs 200 note, printing of which had begun, would be in circulation soon. As per reports that created headlines, the new Rs 200 notes will not be available on ATMs as RBI was planning to make them available only through the bank branches. However, there was no official confirmation the same.
(Courtesy India.com Business Desk)
