RBI to introduce Rs 200 Currency Notes

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RBIThe Reserve Bank of India (RBI) approved the proposal to introduce currency notes in denominations of Rs 200 during the board meeting in March this year. Printing process of the New Rs 200 notes would begin from June 2017.

Centre scrapped 86% of the existing currency in denominations of Rs 500 and Rs 1,000 amounting to Rs 17.9 trillion on November 8th last year. New Rs 2,000 and Rs 500 with advanced security features has been introduced. As on March 24th, 13.12 trillion (deficit of 27% when compared to currency before Nov 8th, 2016) currency is in circulation.

Though RBI removed cap on all the cash withdrawals on March 13th, Less quantity of Lower Denomination Notes has become a huge worry. This storage continued to affect money transactions in a big way. So, RBI is keen to introduce new Rs 200 to struck a balance.