Post the demonetization, the efforts put by central government and RBI are just beyond words. With the very new patterned currency notes and new methods, until now, RBI has managed to fill the voids caused by the discrepancy in implementing the idea of demonetizing the old notes.
Despite the RBI’s extreme efforts in filling in the gaps, recent reports claimed that there’s still about 2 to 3 percent of the gap that must be filled with some or other form of currency notes. So, in a bid to do this, RBI has introduced the Rs 200 notes.
As expected, this introduction of the new denomination will help fill the huge demand for cash across the nation.
But, to everyone’s surprise, it has been reported that the RBI may not allow ATMs to dispense new Rs 200 note once they are in circulation. As per reports from media, RBI wants to circulate new Rs 200 currency only through banks and not ATM machines.
This new notes will be available only through bank branches, similar to the way Rs 50 and Rs 10 notes are circulated. Later, a senior banking official admitted recalibrating India’s 220,000 machines to enable ATMs for dispensing Rs 200 notes, will take more than a month.
Going into the further details, he explained that this move is aimed at avoiding another chaotic recalibration process similar to the one that followed after the demonetization of old Rs 500 and Rs 1000 banknotes in November last year. It is believed that Rs 200 notes will significantly ease day-to-day transactions as people will be able to withdraw lower denomination notes as they are forced to withdraw Rs 500 notes in most ATMs.
Since November 9th of 2016, PM Modi has introduced a total of four kinds of currency notes: Rs 1 note, Rs 200, Rs 500 and Rs 2000. Source also mentioned that the process of printing the new Rs 200 notes is likely to begin after June of this year.