RBI to launch new bright yellow Rs 200 notes from today

Source: The Hitavada      Date: 25 Aug 2017 08:17:27


 

MUMBAI,

THE Reserve Bank will launch Rs 200 notes for the first time on Friday, saying it will make it easier for the common man to transact in lower denomination “missing link” currency and bring greater efficiency into the system.


The bright yellow coloured Rs 200 notes will hit the market just a day after the Finance Minister gave go-ahead to the RBI to issue the new currency bill.
Following the demonetisation of Rs 1,000 and Rs 500 notes last November, the central bank had introduced Rs 2,000 notes and new Rs 500 notes.


The transition had led to severe cash shortage in the economy and put pressure on low value notes.
“The Reserve Bank of India will issue on August 25, 2017 Rs 200 denomination banknotes in the Mahatma Gandhi (new) Series, bearing signature of Urjit R Patel, Governor, Reserve Bank of India from select RBI offices, and some banks,” RBI said in a press release.


As per the new policy on theme-based currency notes, the Rs 200 bill bears motif of Sanchi Stupa to depict India’s cultural heritage. The base colour of the note is bright yellow, RBI said. In a separate statement, it said that Rs 200 note will provide the “missing link” and ensure optimal mix of currency denominations.


India has currency denominations of Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2000. As such, in the lower end of the denomination series, Rs 200 has been the missing link. The RBI had recently introduced Rs 50 note with a new look and additional security features.


“To achieve the optimal system of currency that would minimise the number of denominations while increasing the probability of proffering exact change, especially at the lower end of denominations, there is a logical need to introduce the missing denomination of Rs 200, which will make the present currency system more efficient,” RBI said.