RBI to Introduce New Rs 200 Currency Note, Look at Top Features
The Reserve Bank of India will launch Rs 200 bank notes for the first time on Today, increasing the availability of lower denomination currency in the system. The bright yellow coloured Rs 200 notes will hit the market Today, after the Finance minister gave the go-ahead to RBI to issue the new currency bill.
The bright yellow coloured notes will hit the market just a day after the announcement by Finance Minister Arun Jaitley that the government has given go-ahead to the RBI to issue the new currency bill.
"The Reserve Bank of India issue on 25 August, 2017 Rs 200 denomination bank notes in the Mahatma Gandhi (new) series, bearing signature of Urjit R Patel, Governor, Reserve Bank of India from select RBI offices, and some banks," RBI said in a press release.
As per new policy on theme-based currency notes, this currency notes bears motif of Sanchi Stupa, to depict India's cultural heritage.
The base colour of the note is bright yellow, RBI said.
Following the demonetisation on 9 November in 2016, the Reserve Bank of India had introduced Rs 2,000 notes as also new Rs 500 notes with additional security features.
The move led to shortages in the system, putting pressure on small denomination currency, mainly Rs 50 and Rs 100.
Now, with the introduction of Rs 200 notes, the problem people have been facing due to high-value Rs 2,000 notes is expected to be resolved.
The RBI has also introduced a new fluorescent blue Rs 50 banknotes bearing the motif of 'Hampi with Chariot' that depicts India's cultural heritage.
Among other prominent features, the banknote will carry a portrait of Mahatma Gandhi at the centre and the denominational numeral "200" with rupee symbol in colour changing ink, green to blue on the bottom right on the obverse (front) side of the note, RBI said.
For visually impaired, the front side of the note will have intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised identification mark 'H' with micro-text Rs 200, four angular bleed lines with two circles in between the lines both on the right and left sides.
The reverse side of the note will carry a Swachh Bharat logo with slogan and the Sanchi Stupa motif, RBI said.
The new note will be in a dimension of 66mmX146mm.
"Since the length of the new 200 currency is different from the existing currency in circulation (100,500,2000), cassette calibration is required to be done. ATM manufacturers need to do a complete testing of the new 200 denomination currency and provide the parameters which need to be configured at the ATM by an engineer.
Preventing Illegal Stashes
The Reserve Bank of India is keen to avoid the possibility of any black marketing of these currency notes and intends to build up a stock pile of about 50 crore notes (of INR 200 denomination) before sending them out for circulation. This will prevent ay scarcity, panic, or illegal trade involving these notes, says the RBI. Last year in November, there had been news reports of illegal hoarding of INR 2000 notes when they were introduced. The government and the RBI are keen to avoid any such incidence. This announcement of the introduction of INR 200 notes in great numbers also leads us to conclude that the decision to introduce this new currency must have been taken at about the same time as the demonetization. The government and the RBI are thus looking at this new note as another tool to prevent counterfeiting.
The circulation of counterfeit currency has been one of the biggest challenges faced by the government over the past few decades. In fact one of the main reasons the demonetization was undertaken was to weed out the fake or counterfeit high denomination notes in circulation. Not only do fake notes weaken the economy and dampen growth but are also the source of terror funding in the country. The new INR 200 notes are likely to carry advanced security features that will make it well-nigh impossible to be counterfeited, it is believed.
RBI to Introduce New Rs 50 Currency Note, Look at Top Features
RBI’s currency denomination spectrum will also be augmented by new Rs 50 denomination notes with fluorescent blue as the base colour of the note.
RBI will shortly issue Rs 50 denomination notes with Fluorescent Blue as the base colour of the note
INDIAN CURRENCY NOTES: BIRTH, DEATH, REBIRTH
Here's a look at the introduction, demonetization and remonetization of Indian currency notes since RBI's inauguration in 1935.
1935: Reserve Bank of India formally inaugurated
1938 (birth): First Rs 5 note issued by RBI & subsequently Rs 10, Rs 100 & Rs 1,000 & Rs 10,000 (largest currency denomination ever printed by RBI)
1940: Re 1 note reintroduced as a wartime measure.
1946 (death): Rs 1,000, Rs 5,000, & Rs 10,000 notes were taken out of circulation.
1954 (rebirth): Rs 1,000, Rs 5,000, & Rs 10,000 notes reintroduced.
1978 (death): Rs 1,000, Rs 5,000 & Rs 10,000 notes deemed illegal for the second time.
1987 (birth): Rs 500 note came into circulation in October.1998 (birth): Rs 1,000 notes reintroduced.
2016 (death): Rs 1,000 notes taken out of circulation.
2016 (birth): Rs 2,000 currency notes introduced.
2017 (rebirth): Re 1 note to be introduced again.
2017 (birth): Rs 200 notes notified, to be introduced for the first time soon.