New Delhi, Jun 29, 2017 : According to media reports, the Reserve Bank of India (RBI) has ordered to print Rs 200 notes. An Economic Times report, citing people familiar with the development, said the process of printing the Rs 200 notes has started.
The development comes nearly 10 months after Prime Minister Narendra Modi announced demontisation of existing Rs 500 and Rs 1000 notes amounting to about 86 per cent of the total money in circulation at the time. Demonetisation had led an extreme shortage of cash in the country.
Introduction of Rs 200 notes was being speculated for quite some time now. It is expected to make transactions easier as there have been complaints about managing Rs 2,000 notes.
The RBI has not issued an official statement on the matter. But, if the report of Rs 200 notes printing is correct, this is the first time when the RBI is printing a note of this denomination.
The Economic Times quoted group SBI group’s chief economist Soumya Kanti Ghosh as saying, "For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations."
NEW Rs 1,000 NOTES TOO COMING?
Besides Rs 200 notes, there are talks about the government issuing new currency of Rs 1,000 denomination.
An Indian Express report claimed in February this year that the RBI had started printing Rs 1,000 notes and it was under production in January. But, due to the pressing need to supply Rs 500 notes in the money market, the printing of Rs 1,000 notes was put on hold.
Another report by the Hindu had claimed after demonetisation, the new notes of Rs 1,000 having "new dimensions, new design and new colour" would come back in the market in due course.