India witnessed the introduction of a new currency note in the form of Rs 2000 when Prime Minister Narendra Modi announced the demonetization drive on 8th of November 2016. If the reports from Reserve Bank of India are to go by, there is another new bank note on its way Rs 200! Proposal to print Rs 200 denomination was issued at the RBI board meeting in March with printing the new Rs 200 notes is likely to begin after June.
Interestingly, at a recent event in Kumbakonam, Tamil Nadu, RBI Deputy Governor NS Vishwanathan said Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage cashless transactions, which are helpful to the people. He was speaking at a lecture on credit culture and financial system.
Common men in India are still grappling with the effects of PM Narendra Modi’s demonetization rule. The demonetization of Rs 1000 and Rs 500 currency notes scrapped 86 percent of the currency in circulation.
The market is stashed with currency notes of higher denominations, newly introduced Rs 2000 and reformed Rs 500 while Rs 100 notes have become a rare sight.
It is an everyday struggle to find change for the Rs 2000, but RBI is likely to sort this problem out very soon. Hopefully, the introduction of Rs 200 currency notes eases the pressure of a common man�s everyday routine, and also we wonder if the picture going viral is that of the new Rs 200 note specimen.