The government is aiming ti limit the circulation of high denomination note and the smaller denomination notes would be increased by introducing a new Rs 200 note. Following the demonetisation on November 8 past year, RBI had introduced Rs 2,000 notes and also issued new Rs 500 notes with additional security features.
The new denomination notes, which will initially have a print run of 50 crore, will help the banking regulator and the government launch a renewed fight against black money and counterfeit currency.
"There is no other denomination available between Rs 100 and Rs 500", an official said.More news: WWE Bans Beach Balls After Weekend Crowd Issues In Brooklyn
Finance Ministry, in a notification, said that on the recommendations of the Central Board of Directors of the RBI, government has notified bank notes of 200 rupees. This way, the Rs 2000 notes will gradually be flushed out of the system.
The plan of originating ₹ 200 Notes is undertaken by the Reserve Bank of India, the first time in the history.
The official date for the introduction of new currency notes from the Government of India will be declared soon by the Reserve Bank of India.More news: US sailors missing after warship collision
RBI did not respond officially to ET's queries till time of going to press. He shocked everyone with the demonetization of the currency after which all the Rs 1000 and Rs 500 notes have been banned.
Rs 2,000: The Reverse side of Rs 2000 note has an image of Mangalyaan representing India's first interplanetary space mission. "The whole process regarding when the notes will be printed, the RBI will take care of that issue". The Rs 200 note that will be in circulation too has high-end security features.
The new Rs 200 note will help in day-to-day transactions and will replenish the reduction in Rs 500 notes following the demonetization move by the Union government on November 8 previous year.More news: Judge shot, hurt near OH courthouse; suspect killed