India: The Union government on Wednesday confirmed that a new Rs 200 note will be issued by the Reserve Bank of India.
The Finance Ministry, in a Gazette notification, specified the new currency note. In the notification, the Centre said that the Rs 200 note’s specification was being done on the recommendation of the Central Board of Directors of the RBI.
The new Rs 200 notes are likely to be in circulation shortly.
According to reports, the exercise of printing Rs 200 denomination notes is being undertaken to further improve the currency situation in the country.
Following the demonetisation on November 9 last year, the Reserve Bank had introduced Rs 2,000 notes and also issued a new Rs 500 notes with additional security features.
So with the introduction of Rs 200 notes, the problem people face due to high-value Rs 2,000 notes would be taken care of.
The RBI had recently said it will soon introduce new fluorescent blue Rs 50 banknotes bearing the motif of ‘Hampi with Chariot’ that depicts India’s cultural heritage.
The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage. The base colour of the note is fluorescent blue,” RBI said in a release
In November last year Prime Minister Narendra Modi had announced scrapping of old notes of Rs 1,000 and Rs 500 notes, wiping out over 86 per cent of the cash in circulation.
The move was aimed at checking black money, counterfeit notes and terror financing.