Ever since the central government banned the usage of old Rs 500 and Rs 1000 notes, there have been a lot of rumours circulating on the social media. One such news which did rounds was the introduction of the 200 rupees note. Even though initially it was brushed away as another rumour, this new currency note is soon set to make its debut into the Indian market.
The details of the 200 rupees note circulation
The news was confirmed as per a notification in the Gazette of India. Even the printing process of the new notes has been completed. The RBI is planning to bring the notes into circulation from early September.
This is the first time that the 200 denomination will be made available in the Indian history. It will be the first currency note between the Rs 100 and Rs 500 and hence, is expected to gain wide range popularity.
The RBI is trying hard to curb the illegal trade of currency notes and has been adopting several measures in doing so. Reportedly, RBI has even stacked about 50 crore notes of the new currency notes to make sure there is no shortage in supply.
According to group chief economist of SBI, Soumya Kanti Ghosh, the new currency will help serving two purposes. First, it would increase the share of smaller currency notes in the market and second, it will also ease the cash usage from a transaction perspective.
Earlier this month, the central bank unveiled the look of the new Rs 50 note and informed us about its security features. The old Rs 50 notes will, however, still be in existence.
News credits- The Economic Times
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