Centre specifies introduction of Rs 200 denomination banknotes for first time in history of India

The Centre on Wednesday specified introduction of Rs 200 denomination banknotes. Rs 200 banknotes will be issued for the first time in history of India.

As per reports, the Reserve Bank of India will circulate Rs 200 banknotes by end of August or in the first week of September.

Currently, there is no denomination present in between Rs 100 and Rs 500 banknotes.

The Finance Ministry, in a notification, said that on the recommendations of the Central Board of Directors of the RBI, “the central government hereby specifies the denomination of banknotes of the value of two hundred rupees”.

The new Rs 200 notes are likely to be in circulation shortly.

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

Following the demonetisation on November 8 last year, the Reserve Bank had introduced Rs 2,000 notes and also issued a new Rs 500 notes with additional security features.

So with the introduction of Rs 200 notes, the problem people face due to high-value Rs 2,000 notes would be taken care of.

Earlier on August 18, the RBI issued new Rs 50 currency notes with motif of Hampi with Chariot on reverse, depicting country’s cultural heritage.

The RBI said that all banknotes in the denomination of Rs. 50 issued by the Reserve Bank in the earlier series will continue to be legal tender.