Rs 200 Currency Note Will be Available Before August 15: Sources

The Rs 200 currency note will address the demand for smaller currency notes in the country.

Mumbai, July 27: The new Rs 200 currency note will be available in the market much before the reported launch date of August 15. According to sources the Reserve Bank of India is in the final stages of introducing the new currency note in the market and it may be available before August 15. The new Rs 200 currency note will have enhanced security features.

It was reported that the apex bank had stopped printing the Rs 2,000 currency notes and was instead printing Rs 200 currency note. Earlier, it was reported that the note would be introduced before the end of 2017.

The introduction of Rs 200 currency note will help address the demand for smaller currency notes in the country. There was shortage of smaller denomination currency notes in the country and shopkeepers in many smaller towns were still not accepting Rs 2,000 currency notes.

Prime Minister Narendra Modi demonetised the Rs 500 and Rs 1,000 currency notes on November 8, 2016. Following this Rs 2,000 currency note was introduced in the market and a new Rs 500 currency note with enhanced security features was also introduced later. Government put several restrictions on cash transaction and withdrawal after the demonetisation and encouraged people to opt for digital payment. However, Rs 1,000 currency note has not been re-introduced in the market. 

Printing orders for Rs 200 currency notes was placed after the Finance Ministry in consultation with the RBI took a decision in this regard in May. It was also reported in a section of the media that the new notes will not be available through the ATMs and the RBI was planning to make the Rs 200 note available only through the bank branches. However, there is no official confirmation on this.