The Reserve Bank of India will issue Rs 200 denomination currency notes most probably in last week of August or first week of September, a report in The Economic Times says citing sources. The central bank this time will make it sure that black marketing of Rs 200 notes does not take place. RBI has indicated the total value of new Rs 200 notes would be around Rs 50 crore.
“There is no other denomination available between Rs 100 and Rs 500 and RBI is expecting Rs 200 notes to become very popular and that’s why it is taking every step to ensure availability of it,” ET quoted a source as saying.
In case of Rs 2,000 notes that were issued in the aftermath of demonetisation effected on November 8 last year, the RBI had received complaints of hoarding and widespread illegal trade of Rs 200 currency notes from various quarters. The recent revelation from the RBI comes close on the heels of the central bank making it public that it will soon issue new Rs 50 denomination notes.
The ‘abrupt’ recall of Old High Denomination (OHD) currency notes sucked out over Rs 16 lakh crore worth of currency notes in circulation, thus triggering a panic scenario among the populace. A day after, it caused a huge rush to the banks and cash machine booths, a ‘grim’ situation that lasted for over two-and-a-half months.
The fresh supply of new Rs 200 currency notes worth Rs 50 crore will give a further push to the government’s efforts toward remonetisation that aims to ensure ample amount of cash in the banking system. It will also increase the share of smaller denomination currency notes in circulation, as after the Specified Bank Notes were banned, the government had introduced only higher denomination notes of Rs 2,000 and Rs 500 value.