RBI Introduce Rs 200 notes

RBI Introduce Rs 200 notes

The Reserve Bank 0f India will soon issue Rs 200 notes the Finance Ministry has confirmed today. The move will help fill the vast demand for cash aft

The Reserve Bank 0f India will soon issue Rs 200 notes the Finance Ministry has confirmed today.

The move will help fill the vast demand for cash after the notes ban, which wiped out over 85 per cent of the cash in circulation.

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 Reserve Bank of India (RBI) proposal to bring in 200 denominated bank notes for the first time in history was cleared by the Finance Ministry; the design has reportedly been approved by the Prime Minister’s Office.

 

 

Introduction of Rs 200 notes will serve two purposes: to facilitate cash usages from a transaction motive perspective, and will increase the share of smaller denomination notes in the overall currency circulation.” There were 1,717 crore notes of Rs 500 and 686 crore ofRs 1,000 before the Centre announced demonetisation

This is the fourth new note to be announced since November, when Prime Minister Narendra Modi announced an overnight ban on Rs. 1,000 and Rs. 500 notes, the move aimed at choking tax evaders had people scrambling to return their banned cash and draw new notes from banks and ATMs.

Days later, new Rs. 2,000 and Rs. 500 notes were introduced to ease the cash crunch faced by millions across the country.

Recently, the government also decided to bring back the one rupee note that was discontinued in 1994.This is the fourth new note to be announced since November, when Prime Minister Narendra Modi announced an overnight ban on Rs. 1,000 and Rs. 500 notes, the move aimed at choking tax evaders had people scrambling to return their banned cash and draw new notes from banks and  ATMs.

 

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