On the recommendations of the Reserve Bank of India’s (RBI) Central Board of Directors, the Union Finance Ministry of India has notified Rs 200 currency note, which likely to be in circulation soon.
The currency note of Rs 200 was issued by the Finance Ministry’s Department of Economic Affairs through an official gazette notification in exercise of powers conferred by RBI Act, 1934 section 24’s sub-section (1).
Facts You Must Know
1. It has been reported that circulation of these new currency notes may be through banks only, like the circulation of currency notes of Rs 50, Rs 20 and Rs 10. ATMs will not be allowed by RBI to dispense the currency notes of Rs 200.
2. It has been reported that the notes have gone through multiple quality and security checks at the press unit of government located at Hoshangabad, Madhya Pradesh.
3. The Rs 200 notes will carry advanced security features. Extra precautions have been taken by concerning authorities to prevent counterfeiting.
Printing of Currency notes in India
Current notes in India are printed in printing units run by Indian government-owned Security Printing & Minting Corporation of India Limited (SPMCIL) or at printing presses managed by the Bharatiya Reserve Bank Note Mudran Private Ltd (BRBNMP), owned by RBI, located in Salboni, West Bengal and Mysore, Karnataka.
Benefits of Introducing currency note of Rs. 200
The currency note of Rs 200 is the fourth new note notified by the Indian government, after Rs. 500, Rs. 2000, and Rs 50, after demonetization of Rs 1000 and Rs 500 old currency notes.
The circulation of Rs 200 currency notes are anticipated to ease the problems faced by people due to the introduction of high-value Rs 2,000 notes. This decision is also expected to reduce pressure on lower-denomination currency bills.
Soumya Kanti Ghosh, group chief economist at the SBI Group, has said that the introduction of Rs 200 notes will add ease of operation to the day-to-day transaction.