RBI gets nod from Finance Ministry to print new Rs 200 notes

RBI gets nod from Finance Ministry to print new Rs 200 notes

In yet another attempt to avoid the chances of an illegal trade of currency notes, the Reserve Bank of India is preparing to introduce notes of Rs 200 denominations for the first time in history.

After the meeting that took place months back, i.e; in March 2017 sources from the RBI then stated: The process of printing the new Rs 200 notes is likely to begin after June, once the government officially approves this new denomination. "Soon this note will get added to the bucket of currency notes in India", said Subhash Chandra Garg, economic affairs secretary. "The Reserve Bank of India is expecting Rs 200 notes to become very popular, and that is why it is taking every step to ensure its availability".

The central bank reportedly chose to bring in 200-rupee notes in March, after consulting with the Finance Ministry.

Rs 2,000: The new Rs 2,000 note is pink in colour, is slightly bigger than Rs 500 note. The notes are going through multiple checks for security and quality, sources have said.

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UNION Finance Minister Arun Jaitley Thursday dismissed reports that government was considering of phasing out of Rs 2000 notes. Just after the demonetisation decision, Government issued Rs 500 and Rs 2000 Indian notes to facilitate the cash crisis suffered by the millions.

The RBI will have to notify the issuance of new Rs 200 bills. Speculations, rumours and hoax photos of the Rs 200 note have been floating around for a while, but the real deal is finally here with the Finance Ministry formally announcing on Wednesday the launch of the new Rs 200 note.

In a surprise announcement, Prime Minister Narendra Modi announced scrapping of old notes of Rs. 1,000 and Rs. 500 denomination, wiping out over 85 per cent of the cash in circulation.

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