Almost ten months after Prime Minister Narendra Modi announced the government's decision to scrap Rs 500 and Rs 1000 notes, the Reserve Bank of India (RBI) today issued a completely new currency of Rs 200 denomination, which the country had never seen before. The RBI on Thursday made the announcement about the new Rs 200 note in a notification. The new Rs 200 notes have been issued with the intention to make day to day transactions easier since the lack of an denomination between Rs 500-Rs 2000 notes, and Rs 100-Rs 500 often cause a problem for traders and common men alike. The new Rs 200 notes may not be available at ATMs right away. Just like the new Rs 500 notes which were first only issued at banks, similarly the new Rs 200 notes will first be available at banks. The image released by the RBI of new Rs 200 note is also very different from the one that had leaked on social media a few months ago. The Rs 200 notes is of bright yellow colour, unlike the blue Rs 200 note image that was circulating on social media. The phasing out of Rs 500 and Rs 1000 notes led to severe cash shortage in the economy. After introduction of new Rs 2000 note by RBI, the need for low value denomination between Rs 100-Rs 500 was being strongly felt.
Will you get Rs 200 notes at ATMs?
Not immediately. The Rs 200 note will be available at select RBI offices and banks. Like we saw in the case of new Rs 500 and Rs 2000 notes, ATMs needs to be recalibrated to handle a different denomination of Rs 200. The ATM providers will also have to check the supply of notes to match it with the capacity of an ATM. Each cassette in an ATM can hold up to 2,500 notes. Therefore, ATMs may take a week's time to dispense Rs 200 notes.
What are special features of Rs 200 notes?
Besides carrying the RBI governer's signature with the promise clause and RBI emblem towards right of Mahatma Gandhi portrait, the Rs 200 note also features a number panel with numerals that grow from small to big on the top left side and bottom right side. The Rs 200 note is secured by a thread with inscriptions Bharat in Devnagiri and RBI with colour shift that changes from green to blue upon tilting. The reverse side the Rs 200 note includes year of printing, motif of Sanchi Stupa and Swatch Bharat logo with a slogan. The Rs 200 note is 66 mm by 146 mm in size.
How will Rs 200 note help?
India has currency denominations of Rs. 1, 2, 5, 10, 20, 50, 100, 500 and 2,000. The Rs 200 note will fill the missing link in the lower denomination series and considerably ease the day-to-day transactions. After phasing out of Rs 1000 notes and introduction of new 2000 note by the RBI, common people could be often seen complaining of trouble when it comes to payment requiring smaller amount. The new currency of Rs 200 will make transactions smoother. The RBI in statement said, "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. Provision of the new denomination, therefore, would facilitate exchange, particularly for the common man who deals with denominations at the lower end."
What about Rs 1000 notes? When will the government issue it?
Don't be surprised if the RBI announces news Rs 1000 sometime in future. There were many reports right after demonetization that the RBI would issue fresh currency notes in denominations of Rs 1000 with new designs, specifications and enhanced security features, but it is nowhere to be seen after nearly ten months of demonetization. There has been no confirmation or official announcement by RBI or government on this matter so far. The RBI has meanwhile also decided to issue new Rs 50 notes and reportedly stopped printing Rs 2000 notes.