200 Rupees Note New
You know RBI launching 200 Rs note very soon. With the demonetization decision taken by the Center last November to take the old 500 and 1000 Rs note out of circulation, it disrupted the lives of millions of people in India. Those who are still reeling from the effects of that decision need to take note of the fact that the Reserve bank of India is planning to release the 200 Rs Note sometime next month.
Rumors are going around of the Center planning to scrap the Rs 2000 note post the remonetization. Although, Minister of State for Finance, Santosh Kumar Gangwar has said that there are no such plans as of now and that the 200 Rs note will be in circulation soon. You can also see new 50 rs note.
New Rs. 200 notes will be launched tomorrow i.e 25th august 2017, the Reserve Bank of India (RBI) announced today in a press release days after introducing new fluorescent blue Rs. 50 banknotes. This is the fourth new note to be announced since November, when Prime Minister Narendra Modi announced an overnight ban on Rs. 1,000 and Rs. 500 notes, wiping out over 85 per cent of the cash in circulation.
According to a source, the printing of the first batch of 200 Rs Note has been started in June. The process normally takes 21 days, so it is already on track to meet the deadline to release the note by next month. The introduction of the new note will help decrease the supply and demand gap for smaller denominations, according to an analysis.
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What Led to a Decision Introduce 200 Rs Note?
After the demonetization back in November 2016, the government quickly brought in the 2000 Rs Note to reel from the after-effects of the demonetization. After taking the 500 Rs and 1000 Rs note out of circulation, something had to be done. That resulted in the new 500 Rs Note and the 2000 Rs note.
But the due to the decrease in the lower value currency, people faced a lot of struggle in changing the big denomination bills of Rs 2000. The RBI’s decision to bring in the 200 Rs note was to bridge that gap which was created during demonetization.
Post demonetization, 3.7 billion 2000 Rs Note had been printed that amounted to Rs 7.4 trillion, according to a source. That more than compensates for the 6.3 billion 1000 Rs Note taken out of circulation. Accordingly, to indemnify the 15.7 billion old 500 Rs Note taken out of circulation, nearly 14 billion units of the new variant have been printed so far. But not all the note that have been printed are in circulation at the moment.
According to data from RBI, currency in India stood at Rs 15.22 trillion as of July 14th, which is nearly eight months after demonetization. That is about 24% decrease of what was before demonetization on November 4th, which amounted Rs 17.7 trillion.
Why Need For 200 Rs Note?
There were reports of people facing problems while using the 2000 Rs Note due to the unavailability of smaller denominations like 500 and 100 Rs Note. The introduction of the 2000 Rs note post demonetization caused great difficulty in exchanging the high denomination note. Although, the number of smaller denomination note has increased, the mismatch caused by the absence of any denomination between 500 and 2000 was still great.
With the rumors about the 2000 Rs note getting scrapped altogether, industry experts have said that the government is planning to limit the circulation of the 2000 Rs Note, but not demonetize it. Concurrently, the circulation of smaller denomination note will be increased with the introduction of the 200 Rs. Note.
A top government official of told IANS that the 200 Rs Note will be in circulation soon. It could be as soon as August that it would be introduced in the Markets. According to the official, the paper for the new denomination is already ready in the Mysore Printing Mill.
The Mysore Paper Mill is a joint venture of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and the Security Printing and Minting Corp of India Ltd (SMPCIL). The 200 Rs note are being produced by two printing presses of the Reserve Bank of India; one in Mysore and the other in Salboni.
Praising the introduction of the new 200 Rs Note, a report from SBI recently stated that it would most certainly serve as the missing middle. Initially, around 200 billion 200 Rs note are expected to hit the markets in the first wave in August. Apart from that, the new batch of the Rs 500 Note will be able to ease the reported shortage of the 2000 Rs Note in some parts of the country.
At the time of demonetization, the Honorable PM Mr. Narendra Modi said that the demonetization action was needed to fight fraud and corruption. It was also a major reason to cut off the financing that the terrorists who target India, require.
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Conclusion of 200 Rs Note
On top of all that, the Central Bank has decided that it will add additional security layers to the newly-planned 200 Rs Note in order to avoid the circulation of counterfeits along with the real ones. Certain quality checks have already been conducted on the new printed bills. Visit our website for latest news and information.