Reserve Bank of India has placed an order for the printing of 200 rupees note in order to fill the currency gap after the introduction of new 500 and 2000 rupees notes. The center has approved the printing of 200 rupees notes as well.
Completion of the Cycle of Remonetization
It has been 8 months now since demonetization of 500 and 1000 rupees notes took place on November 08, 2016. In this time, 86% of the currency was replaced by the new currency of 500 and 2000 rupees notes that counts 18.4% lesser than the pre-demonetization value of 17.9 lakh crore rupees. Now the RBI has started printing 200 rupees notes in order to fill currency gap caused due to the introduction of 2000 rupees notes.
Earlier we reported that the RBI has approved the printing of rupees 200 notes in March, 2016. Now the government has also approved the printing and has examined its role that would help the people in daily business. As the 200 rupees note will come out in the market, it would be the first time that such kind of denomination will be introduced.
Details about the New 200 Rupees Note
The 200 rupees notes will be completely different from the other denominations introduced. It will contain more security features to counter counterfeit notes and other discrepancy. The notes are sent to the government’s press unit at Hoshangabad in Madhya Pradesh. There will be another cover for quality and security of the notes. The introduction of 200 rupees notes will fill the currency gap and will help the people in daily work. The change for 2000 rupees note was tough to get.
Suppose you have a 2000 rupees note and you need to pay 20 rupees to your vegetable vendor then it becomes very tough to obtain change, said a commoner. This new denomination will help in coping up with notes of higher denomination. Shaktikanta Das of the RBI said that the RBI is planning to introduce the new 1000 rupees note with new features and security in a while. The introduction of 200 rupees note will take few months as it is going under check and printing.