Reserve Bank of India has started the printing of Rs 200 notes. The orders for printing have already been places, sources said on Tuesday.
The rumour of Rs 200 note printing first surfaced in April 2017, but the news was not confirmed then. But now, highly placed sources have confirmed that the notes of Rs 200 denomination are being printed in one of the government-owned facilities after the Reserve Bank of India (RBI) placed an order a few weeks ago for the bills.
The Rs 200 note aims to fill the gap between high denomination Rs 500 note and lower denominations like Rs 100, Rs 50, Rs 20 and so on.
"For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations," said Soumya Kanti Ghosh, group chief economist at the SBI Group to TOI.
The introduction of the Rs-200 currency notes predates the federal government's decision to overnight withdraw bills of the higher denomination in November as part of a broader exercise to stop counterfeiting and kerbing untaxed cash in Asia's third-biggest economy.
The RBI board had earlier cleared the proposal to issue banknotes of Rs 200 denomination. The government, too, had examined the introduction of the new notes that would help citizens transact easily.
Rs 200 will not be available in ATMs
It may raise some eyebrows but the fact is the new 200 rupee note will not be available in ATMs. Similar to Rs 10, 20 and 50, the distribution channel for Rs 200 currency notes will be branches of banks as of now, because recalibrating the ATMs for dispensing 200 Rupee note would be a tedious task.
Furthermore, recalibrating approximately 2, 19,980 machines for dispensing new 200 rupee notes through ATMs would take more than a month which would become another nightmare similar to the phase when the new currency notes of Rs 500 and Rs 2000 were introduced.
Interesting facts about Rs 200 note
#This is for the first time in the history of RBI that a 200 rupee is being printed for circulation in the market.
#It was in the Month of April when the picture of Rs 200 note went viral on the social media and was hugely shared on WhatsApp. Though at that time, the authenticity of the note was established.
#The colour of the note is still a surprise.
#The new rupee 200 note is loaded with various security features.