New Delhi, July 4: In the aftermath of government demonetising Rs 500 and Rs 1,000 notes on November 8, 2016, the Reserve Bank of India (RBI) will soon introduce the Rs 200 note to help fill the huge demand for cash across the nation. A top government official has told the news agency ANI that a print order has been placed by the Reserve Bank of India (RBI). The exercise of printing Rs 200 denomination notes is being undertaken to further improve the current situation of lower denomination notes in the country.

“Printing order has been placed,” a top Government official, who was part of this decision was quoted by ANI. Post demonetisation, cash management agencies faced a tough time. With the introduction of the new Rs 200 notes, people will be able to withdraw lesser denominations as they are forced to withdraw Rs 500 notes in most ATMs.

The Reserve Bank of India (RBI) has taken the decision to introduce Rs. 200 notes with the consultation of Finance Ministry in March. It has been reported by ANI that a notification for the same may be issued by the Reserve Bank of India on the same. However, there is nothing official on the new Rs 200 design though images are already in circulation on social media.

500-2000

Features of the new Rs 200 notes:

  • The new 200 notes will carry advanced security features and will be of great help for day to day transactions
  • It has been reported that the authorities are taking extra precaution to prevent counterfeiting
  • The notes are going through multiple checks for security and quality at government printing presses.
  • Like Rs 2,000 and Rs 500, the government may have plans to change security features of higher denomination banknotes every 3-4 years.

Prime Minister Narendra Modi on November 8, 2016 sent shock waves across the nation when he announced that old Rs 500 and Rs 1000 notes would be scrapped from midnight.  After the announcement, the RBI had introduced new notes of Rs. 500 and 2,000. The notes are going through multiple checks for security and quality at government printing presses. The government had also introduced new Rs 2,000 and Rs 500 and kept the old Rs 100 notes as a legal tender. The government, however, has plans to change security features of higher denomination banknotes of Rs 2,000 and Rs 500 every 3-4 years in accordance with global standards in order to check counterfeiting.

As soon as the new Rs 2,000 currency notes were launched after the November 8, 2016, demonetisation announcement, it was claimed that the notes have a chip which helps the authorities concerned to locate this. However, the Finance Minister Arun Jaitley denied the presence of any chip in the Rs 2,000 currency notes. The rumour nonetheless continued and what gave credence to it was the recovery of Rs 2,000 currency notes during several raids to recover hidden new currency notes. There were reports that there had been no major change in the Rs 1,000 note since its introduction in 2000 and old Rs 500 note that was introduced in 1987 had seen few changes more than a decade ago.