Home Business GOI to introduce new 200 Rupee bills

GOI to introduce new 200 Rupee bills

Indian monetary system has begun the final phase of its re-monetization as RBI begins to print 200 Rupee bills to help ease consumer transactions. Sources told ET that the Reserve Bank of India placed an order with a government-owned facility a few weeks ago where the bills of the denomination are being printed. RBI has not yet confirmed anything on the matter. The Group Chief Economist at SBI said that the introduction of these bills would ease the day-to-day transactions.

India is Asia’s third-largest economy and in an attempt to stop counterfeiting and curbing untaxed cash, there was a plan to introduce the 200 Rupee note before the government decided to withdraw the support for the older 500 Rupee note and 1000 Rupee note.

Earlier, the board at the RBI had cleared the proposal for the issue of the Rs 200 denomination and the government had also examined the introduction of the new notes that would help the citizens carry out their operations easily. Before the demonetization of Rs. 500 note and Rs. 1000 note took place on November 8, there were around 1650 crore pieces of Rs. 500 notes in circulation and the removal of the series created a huge gap in the circulation. While a minor part of the gap was removed by the introduction of the new Rs. 500 note and Rs. 2000 note, there still exists a gap which would be removed by the introduction of a 200 Rupee note.

The demonetization accounted for about Rs. 17.9 lakh crore which was around 86% of Indian currency and as of June 9 this year, the circulation is at 18.4% lower rate than November 8, at Rs. 14.6 lakh crore. A source told that the new note would carry advanced security features and that authorities are taking extra precaution to prevent counterfeit of these notes. He also revealed that the notes are currently going through security checks at the government’s press unit at Hoshangabad in Madhya Pradesh.

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