According to reports, the RBI is in the process of printing Rs 200 notes. This is the first time when Rs 200 notes would be put in circulation in India.
According to media reports, the Reserve Bank of India (RBI) has ordered to print Rs 200 notes. According to the officials, citing people familiar with the development, said the process of printing the Rs 200 notes has started.
The development comes nearly 10 months after Prime Minister Narendra Modi announced demonetization of existing Rs 500 and Rs 1000 notes amounting to about 86 per cent of the total money in circulation at the time. Demonetization had led an extreme shortage of cash in the country.
Introduction of Rs 200 notes was being speculated for quite some time now. It is expected to make transactions easier as there have been complaints about managing Rs 2,000 notes.
The RBI has not issued an official statement on the matter. But, if the report of Rs 200 notes printing is correct, this is the first time when the RBI is printing a note of this denomination.
According to officials, SBI group’s chief economist Soumya Kanti Ghosh as saying, “For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations.”