Rs 200 Note Coming Soon But Won’t Be Available on ATMs. Know Details Here!

न्यूज़ वर्ल्ड इंडिया | 0
| July 4 , 2017 , 14:47 IST

The Reserve Bank of India will be coming up with new notes of Rs 200. Highly placed sources have confirmed that the notes of Rs 200 denomination are being printed in one of the government-owned facilities after the RBI placed an order a few weeks ago for the bills.

The Rs 200 note aims to fill the gap between high denomination Rs 500 note and lower denominations like Rs 100, Rs 50, Rs 20 and so on. 

"For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations," said Soumya Kanti Ghosh, group chief economist at the SBI Group to TOI.

One big fact that has come out is that the new 200 rupee note will not be available in ATMs. The distribution channel for Rs 200 currency notes will be branches of banks for now, as the recalibrating the ATMs for dispensing 200 Rupee note would be another uphill task for the authorities.

Furthermore, recalibrating approximately 2, 19,980 machines for dispensing new 200 rupee notes through ATMs would take more than a month which would become another nightmare similar to the phase when the new currency notes of Rs 500 and Rs 2000 were introduced.

“Printing order has been placed,” A top Government official, who was part of this decision, told news agencies.

The decision to introduce Rs. 200 notes were taken by the RBI with the consultation of Finance Ministry in March.

Soon a notification may be issued by the Reserve Bank of India on the same.

This exercise of printing Rs 200 denomination notes is being undertaken to further improve the currency situation in the country.

After the announcement of demonetisation in November last year, the RBI had introduced new notes of Rs. 500 and 2,000.