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Rs 200 notes to hit market by Deepawali

By Newsd
Updated on :
Rs 200 notes to hit market by Deepawali

The finance ministry had given the go-ahead to print Rs 200 notes in July. It was also said that the Rs 2,000 were no longer being printed in a bid to push more of the Rs 200 notes into the market.

Rs 200 note will be smaller in size and would come in a mix of orange and yellow. There was a slight delay in introducing the notes in the market as the ATMs had to be re-calibrated according to the new size of notes.

This decision has been taken as citizens were facing a problem with a bigger denomination of Rs 2000 and there was an immediate need for smaller currency in the market.

       Read More: RBI to introduce Rs 200 notes; printing order has been placed

It was earlier announced that RBI so far printed nearly 3.7 billion Rs 2000 notes amounting to Rs 7.4 trillion and has now stopped printing the notes. This adequately compensates the 6.3 billion Rs 1000 notes that were withdrawn following the announcement of demonetization by Prime Minister, Narendra Modi on 8 November last year.

It was announced in early July that the RBI will soon print new Rs 200 notes to ease pressure on lower-denomination currencies that are in short supply. The new notes of Rs 200 should be out before the end of 2017 and will greatly help in narrowing the demand and supply gap in smaller-denomination currency bills, sources had said.

All this printing of new currency denomination came into effect after the demonetisation when Prime Minister took this move to end black money from the system.