200 rupees notes: The central bank has begun to print 200 rupees notes to help ease consumer transactions. New Rs. 200 notes are being printed in government-owned mint as per the Reserve Bank of India (RBI) orders a few weeks ago.
Introducing Rs-200 currency notes hints the government’s decision to withdraw higher denomination notes overnight. Just like the demonetization implemented back in November, this could be another step from the federal government to stop counterfeiting and untaxed cash in the country.
Earlier, the RBI board had accepted the proposal to issue Rs 200 denomination banknotes. However, the government of India has also believed this step would make citizens transact easy.
“For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations,” says Soumya Kanti Ghosh, Chief Economist, SBI Group.
There were around 1,650 crore pieces of Rs 500 notes in circulation before the announcement of demonetization on November 8. Followed by that, a large gap in the value of notes in circulation has occurred.
“A minor part of that has been replenished by 2000 rupee notes and a larger part by the new 500 rupee notes, though not in full. The introduction of 200 rupee notes will replenish the missing middle, triggered by the withdrawal of the old series of 500 rupee notes,” said Ghosh.
This lower denomination Rs. 200 notes help the government to realign the currency mix in the system. At present, these notes are undergoing various security and quality checks at the press unit at Hoshangabad (Madhya Pradesh).
The currency notes printing will be done either in government-run Security Printing and Minting Corporation of India Ltd or at government printing presses in Mysore (Karnataka) and Salboni (West Bengal), managed by the RBI-owned Bharatiya Reserve Bank Note Mudran Private Ltd.