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April 04, 2017

RBI to introduce Rs. 200 notes

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After successfully launching Rs 2000 and Rs 500 notes in the market, the Reserve Bank of India (RBI) has cleared a proposal to introduce Rs. 200 denomination bank notes. If introduced, Rs 200 will be the second new denomination to be introduced after the Rs 2,000 notes. The process of printing the new Rs. 200 denomination notes will begin after June, once the government officially approves this new denomination.

The move to introduce lower denomination notes comes against the backdrop of the government’s move to rework the currency mix. On 8 November, it announced the withdrawal of Rs500 and Rs1,000 currency notes, amounting to around 86% of currency in circulation of Rs17.9 trillion.

Since then, RBI has replaced these with the new Rs2,000 and redesigned Rs500 bank notes. As on 24 March, currency in circulation was Rs13.12 trillion, still around 27% off pre-demonetization levels. The government is encouraging digital payments and may not increase currency in circulation to the pre-demonetization level.

Note : Last month RBI also started field trials of plastic notes of Rs 10 as plastic notes are expected to last longer than cotton substrate based banknotes.

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