New Rs 200 banknote ready to be released next month
RBI plans to boost its cash reservoir by pumping the new Rs 200 notes into the system.
After Rs 2000 notes, get ready for Rs 200 note in your wallet. Top level sources from the North Block have confirmed to India Today that the Reserve Bank of India will be releasing the new lower denomination note as soon as next month.
“We have already started printing of the first batch of 200 rupee note in June. It takes 21 days for the printing process to complete. So we are on track to meet the deadline to introduce 200 rupee note by next month,” said a top level source who is part of the Investment and Currency department of the government.
Interestingly, latest RBI data suggests that out of Rs 15 lakh worth of currency taken out of circulation almost Rs 14.5 lakh crore is back in circulation as of June this year. But as per an SBI report, cash with banks has declined to 5.4 per cent of the currency in circulation from 23.19 per cent pre-demonetisation. With 200 notes pumped in the system, the cash reservoir will be boosted.
“We are operating full capacity for 500 rupee note production. When 200 rupee note will be introduced it will ease out currency availability,” said top official from finance ministry.
It was in March when the finance ministry took the decision to print the lower denomination 200 rupee notes. Currently, two RBI printing press under Bharatiya Reserve Bank Note Mudran Private Limited from Mysuru and Salboni are printing it. RBI has decided to add additional security layer to the new currency to check counterfeit. Quality checks have already been done on the new currency.
As lower denomination notes is floated to ease transaction, government is also preparing the gradual decline of 2000 rupee currency note which was introduced last year.