RBI is all set to come up with Rs. 200 new note in India, after Rs. 2000 note. According to reports, RBI has stopped printing 2,000-rupee notes. It was further stated that The Reserve Bank of India (RBI) stopped the printing about five months ago. Instead of printing more 2000 rupee notes it wanted to include a new Rs 200 note for the production of smaller bills. Rumors were, that the government had plans to introduce a Rs 1,000 coin in place of the recently introduced Rs 2,000 currency note and it was to demonetize the Rs 2,000 currency note.
Scrapping of Rs 2,000 currency note by RBI
It was reported that Rs 7.4 trillion worth of Rs 2,000 notes had already been printed by The Reserve Bank of India since the old Rs 1,000 and Rs 500 notes were demonetized last year in November 2016. No official announcement with regards to the scrapping of Rs 2000 note has been made though it was reported that further printing of the new Rs 2,000 note has been stopped. In addition to this, The central bank too is unlikely to print any further 2000-rupee notes in the current financial year.
RBI to Soon Circulate Rs 200 note
While raising the issue in the Parliament it was later cleared by the government official that there are no plans of scrapping the 2000 Rs note, though the government will soon introduce the Rs. 200 note for circulation to ease the burden for smaller purchases as there is a huge gap between rupee 2000 and rupee 500 note. There has been a reduction in the printing of new Rs. 2,000 note but RBI is yet to make an official statement to confirm the same.
Rs 200 note (Indian currency) launch date
It has already been reported that printing of Rs. 200 note has already begun and it will soon ease the pressure in the market. The circulation of Rs 200 note will bridge the major issue of change for smaller commodities. The move of introducing the 200 rupee note is believed to augment the circulation of smaller denomination notes. There has been no official launch date of the new Rs 200 note but as per reports, the new 200 rupee note is set to hit the market next month. As per a State Bank of India (SBI) report, it had recently lauded the introduction of Rs 200 note by stating that the new Rs 200 note would serve as the ‘missing middle’ in the money being circulated in the market.