New Delhi: PM Modi’s move to curb counterfeit and black money funding terrorist activities, the demonetization of currency implemented through the nation has created much fuss over the shortage of currency among the people for several weeks.
The introduction of new currency notes of Rs 500 and Rs 2000 by the RBI were circulated throughout the country but it did take much time.
Now according to recent reports, RBI has started printing the new Rs 200 currency at a government-owned facility to fill in the currency shortage created due to the implementation of Rs 500 and Rs 2000, which will also come with advanced security features like its prior new currency.
According to the sources, an estimated amount of Rs 17.9 trillion making it to 86% of the total cash in the country was reportedly taken off from circulating after the ban.
Earlier in March, RBI has agreed to the proposal of introducing Rs 200 currency in order to fill in the shortage of currency in lesser denominations.
However, the sources also reported that the Centre was planning on introducing of Rs 200 currency even before the demonetization was declared in the country.
Soumya Kanti Ghosh, chief economist at the SBI Group, was quoted saying “The introduction of 200 rupee notes will replenish the missing middle, triggered by the withdrawal of the old series of 500 rupee notes.”
Earlier this year, the sources reported that the Centre was planning to circulate the new currency only through bank branches but not ATMS. A RBI official was quoted saying back then “The idea is not to disturb the system once again, there has been a disruption for more than four weeks between November and December and it is advisable to circulate these notes through the bank branches, though at present these are just proposals.”
Well though the speculations over the removal of Rs 2000 is doing the rounds it is not yet clear whether the current Government ruling would make the next change in the bill, as it has earlier decided to ban old Rs 1000 currency with huge amounts of cash being completely stashed out, reported Huffington post.