1. New Rs 200 note coming; Get up close and personal with new currency note; it will make history

New Rs 200 note coming; Get up close and personal with new currency note; it will make history

Finance minister Arun Jaitley, however, made it clear that the government was not considering banning Rs 2,000 notes

By: | New Delhi | Published: August 24, 2017 6:28 AM
The finance ministry on Wednesday notified the introduction of the new Rs 200 currency notes for the first time, paving the way for the Reserve Bank of India (RBI) to soon launch the notes to improve the circulation of lower-denomination currency notes. (IE)

The finance ministry on Wednesday notified the introduction of the new Rs 200 currency notes for the first time, paving the way for the Reserve Bank of India (RBI) to soon launch the notes to improve the circulation of lower-denomination currency notes. The new Rs 200 notes could be in circulation as early as September, said an official source. Finance minister Arun Jaitley, however, made it clear that the government was not considering banning Rs 2,000 notes. Recently the central bank introduced a new series of Rs 50 currency notes. These new fluorescent blue notes in the Mahatma Gandhi series looked slightly smaller and slimmer than the existing Rs 50 notes. However, the government is unlikely to relaunch the Rs 1,000 bank notes, according to the source. The government had demonetised the old Rs 500 and Rs 1,000 notes in November last year, replacing around 86% of the total value of currency in circulation. While the new Rs 2,000 notes were launched to remonetise fast, there was a shortage of lower-denomination notes. In a gazette notification on Wednesday, the department of economic affairs said: “In exercise of powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendation 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 Rs 200.” The new Rs 200 notes are undergoing a series of checks for security and quality at government printing presses. Prime Minister Narendra Modi took the nation by surprise on November 8 when he announced the scrapping of the high-denomination notes in circulation. The move was aimed at curbing black money, counterfeit notes and terror financing.

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