NEW DELHI: New Rs. 200 notes will enter the banking system on Friday. The central bank, while announcing the move on Thursday, said that the Rs. 200 notes will act as a “missing link” and make it easier for people to transact in lower denomination currency, thereby bringing greater efficiency into the system.
The bright yellow coloured Rs. 200 notes will hit the market just a day after the finance minister gave go-ahead to the Reserve Bank of India or RBI to issue the new currency bill.
This is the fourth new note to be announced since November, when the Narendra Modi government announced a ban on Rs. 1,000 and Rs. 500 notes to choke tax evaders.
Following the demonetisation of Rs. 1,000 and Rs. 500 notes last November, the central bank had introduced Rs. 2,000 notes and new Rs. 500 notes. The phasing out of the high-value notes led to severe cash shortage in the economy and put pressure on low value notes.
“The Reserve Bank of India will issue on August 25, 2017 Rs. 200 denomination banknotes 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 the new policy on theme-based currency notes, the Rs. 200 bill bears motif of Sanchi Stupa to depict India’s cultural heritage.
India has currency denominations of Rs. 1, 2, 5, 10, 20, 50, 100, 500 and 2,000. As such, in the lower end of the denomination series, Rs. 200 has been the missing link. The RBI had recently introduced Rs. 50 note with a new look and additional security features.
“To achieve the optimal system of currency that would minimise the number of denominations while increasing the probability of proffering exact change, especially at the lower end of denominations, there is a logical need to introduce the missing denomination of Rs. 200, which will make the present currency system more efficient,” RBI said.
Among prominent features, the Rs. 200 banknote will carry 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.
RBI said the introduction of a new currency denomination and design is done keeping in consideration various factors like ease of transactions for the common man, replacement of soiled banknotes, inflation and the need for combating counterfeiting.
(with inputs from PTI)