The Reserve Bank of India (RBI) will introduce 200-rupee note effectively by the first week of September, confirmed Finance Ministry on Wednesday.
In a statement released by the Department of Economic Affairs, the government said the Central Government specifies the denomination of bank notes of the value of two hundred rupees.
“In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and 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,” reads the statement.
The notification for the Rs 200 notes was issued under Section 24 of the Reserve Bank of India Act, 1934, and on the recommendations of the Central Board of Directors of the RBI.
Finance Ministry sources said that the new 200 denominated bank notes, being printed at a government press in Mysuru, will facilitate to fill out the demand of cash in the market.
As per reports, the decision to introduce new notes of Rs 200 was taken in March. The process of printing the new Rs 200 notes likely begin after June, once the government officially approved of the new denomination.
1. See through register with denominational numeral 200
2. Latent image with denominational numeral 200
3. Denominational numeral २०० in Devnagari
4.Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘RBI’, ‘भारत, ‘India’and ‘200’
6. Windowed security thread with inscriptions‘भारत’ and RBI with colour shift. Colour of the thread changes from green to blue when the note is tilted
7. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait
8. Denominational numeral with Rupee Symbol, ₹200 in colour changing ink (green to blue) on bottom right
9. Ashoka Pillar emblem on the right
10. Mahatma Gandhi portrait and electrotype (200) watermarks
11. Number panel with numerals growing from small to big on the top left side and bottom right side
12. For visually impaired Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised Identification mark H with micro-text ₹200, four angular bleed lines with two circles in between the lines both on the right and left sides
13. Year of printing of the note on the left
14. Swachh Bharat logo with slogan
15. Language panel
16. Motif of Sanchi Stupa
17.Denominational numeral २०० in Devnagari
18. Dimension of the banknote will be 66 mm × 146 mm
The RBI has also started field trials of plastic notes of Rs 10 as plastic notes are expected to last longer than cotton substrate based bank notes.
There are even reports of the government bringing back the Rs 1,000 currency note in a new avatar soon.
On November 8 last year, Prime Minister Modi announced the withdrawal of Rs 500 and Rs 1,000 currency notes, amounting to around 86% of currency in circulation. Since then, RBI has replaced the demonetised notes with the new Rs 2, 000 and redesigned Rs 500 bank notes.
On March 13, RBI lifted all cash withdrawal caps. ATM operators, however, say that there is a paucity of lower denomination banknotes.