PUNE: New Rs 200 notes are likely to hit the market in September. The Government of India in a notification on Wednesday, confirmed the introduction of Rs 200 notes soon.
The Finance Ministry published a notification in the Gazette of India on August 23 stating, “In exercise of the powers conferred by sub-section (1) of Article 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.”
In July, officials confirmed that the print order for the new notes had been placed and that they are expected to ease the cash crunch felt after demonetisation.
An economist, on condition of anonymity, had said that new notes of Rs 500 and Rs 2,000 were launched in the market after demonetisation and that in the absence of Rs 1,000 currency notes, there was a need for intermediate denomination notes. The economist had added that the new notes would ease the cash crunch to a certain extent and not completely.
Meanwhile, the Reserve Bank of India (RBI) is set to launch new Rs 50 notes. An August 18 notification on the RBI website stated, “The Reserve Bank of India will shortly issue Rs 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr Urjit R Patel, Governor, Reserve Bank of India.”
“The new denomination has a motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage. The base colour of the note is Fluorescent Blue. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.”
The notification also stated that all banknotes in the denomination of Rs 50 issued by the Reserve Bank in the earlier series will continue to be legal tender.
NOT CONSIDERING BAN ON RS 2,000 NOTES: FM
NEW DELHI: Finance Minister Arun Jaitley on Wednesday said the government is not considering banning Rs 2,000 notes and the Reserve Bank of India will decide on the timing of issuing the new Rs 200 notes. “The whole process regarding by when the notes will be printed, RBI will take care of that issue. Thus, it would be appropriate for the RBI to announce about dates and related matters to the note printing,” Jaitley told reporters here.