After New Rs 50 Notes, Govt. All Set To Circulate Rs 200 Notes From September, Notification Issued
Everything regarding the new notes has become a trending topic post the demonetization, it was November 8th, 2016 that turned the economic phase of the country.
On the top of all that, after the release of new Rs 500 and Rs 2000 notes, Govt. today passed a notification stating, “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.”
After the meeting that took place months back, i.e; in March 2017 sources from the RBI then stated: The process of printing the new Rs 200 notes is likely to begin after June, once the government officially approves this new denomination.
This new notes worth Rs 50 crores are about to be circulated in the market soon enough. Govt. assumes that this step will give major step towards remonetization.
Earlier reports claimed that the RBI was in the final stages of introducing the new currency note in the market. After demonetization of Rs 500 and Rs 1000 currency notes, there was a 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.
Though new Currency In Circulation (CIC) has already reached 84 per cent of the pre demonetization level, experts believe that this will help in filling the middle gap of the rest.
back then, the order for printing Rs 200 currency notes was placed in May after the Finance Ministry in consultation with RBI took a decision in this regard. Earlier, Minister of State for Finance Santosh Kumar Gangwar has told that the Rs 200 note, printing of which had begun would be in circulation soon.
Though there is no official confirmation from the RBI or other authorities, it is assumed that the new notes won’t be available in ATMs.
Related Article: RBI Wants To Circulate New Rs 200 Notes Through Banks, Not ATMs