India

Reserve Bank of India starts printing of Rs 200 currency notes

Reserve Bank of India starts printing of Rs 200 currency notes
Written by Pallavi Parmar

The Reserve Bank of India (RBI) has started to print Rs 200 notes according to the several media reports. This order comes nearly 10 months after the demonetisation which announced by Prime Minister Narendra Modi to ban Rs 500 and Rs 1000 currency notes. Demonetisation had affected lives of many and led an extreme shortage of cash in the country. Introduction of Rs 200 notes is speculated to make transactions easier as there have been many complaints noticed against to manage Rs 2000 notes. India’s remonetisation exercise entered in its final lap with the beginning of printing of Rs 200 by a central bank.

The currency notes of Rs 200 predates the federal government decision to overnight withdraw the bills of a huge denomination in November. demonetisation emerged to stop counterfeiting and promoting non-tax cash in Asia’s third-biggest economy. Although earlier RBI board has cleared the demand to issue banknotes of Rs 200 denomination and to introduce new notes to make the transaction easier. According to data, there were around 1,650 crores of Rs 500 notes in circulation from the State Bank Of India. While RBI hasn’t issued any official statement on the matter but according to report Rs 200 printing has been started. This is the first time when RBI is printing the note of Rs 200. Apart from Rs 200 notes government is also held discussion for issuing new currency of Rs 1,000 denomination. In January RBI started printing of Rs 1000 notes and it was under production but due to demand of supply for Rs 500 in the market while the printing of Rs 1000 put on hold. And it is said that new notes of Rs 1000 have news dimensions, news designs and news currency.

About the author

Pallavi Parmar

Journalism is my profession, Blogging and Writing are my passion, Travelling is my love, Food is my life and Feminist by nature.