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The Centre on Wednesday notified currency notes of the denomination of ₹200, which is expected to not only curb counterfeit money, but also ease the high demand for low-denomination currency.
“...On the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two hundred rupees,” said an official notification.
Likely next month Though the new notes are expected to come into circulation from September, Finance Minister Arun Jaitley said all decisions, including their printing and circulation, will be taken by the RBI.
However, the process of printing the new notes is understood to be under way at the RBI’s printing presses.
A formal announcement, including unveiling of the new design, is expected soon.
The RBI had recently unveiled a new series of ₹50 currency notes.
No plans Jaitley also denied any move to phase out the ₹2,000 currency notes.
“There is no discussion within the government on phasing out these notes,” he told reporters.
After the decision to demonetise the old series of ₹500 and ₹1,000 notes in November last year, the government had introduced the new ₹500 and ₹2,000 currency notes.
While the exercise was aimed at cutting down fake currency and catch black-money hoarders, for the common man the shortage of low-denomination notes resulted in much consternation.
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