C Times, 23 August 2017, Agartala
Reserve Bank of India appears to be giving highest emphasis on how to avoid the possibility of an illegal trade of currency notes as it prepares to introduce Rs 200 denominated bank notes for the first time in history.
The Union government on Wednesday confirmed that a new Rs 200 note will be issued by the Reserve Bank of India. While no immediate date was made known, the new denomination could well hit ATMs and banks as early as next week.
This will be the fourth currency issuance by the Reserve Bank of India (RBI) since demonetization. It has issued Rs 2000 as well as new versions of older denominations such as Rs 500 and Rs 50.
“In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two hundred rupees,” the notification issued by the Finance Ministry said.
The design of the note and the date of release have not been specified. Earlier this week, the Reserve Bank of India said in a release that it would issue new Rs 50 notes.
Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. The earlier Rs 50 notes will continue to remain legal tender. The new Rs 50 notes are in the Mahatma Gandhi (New) Series, bearing the signature of Dr Urjit R Patel, Governor, Reserve Bank of India.