RBI Releases Rs 200 Notes Today
New Rs 200 notes to be released on Friday
The Reserve Bank of India (RBI), on Thursday, said that it will be launching the new Rs 200 note on Friday, under the Mahatma Gandhi (New) series, bearing the signature of Governor Urjit Patel.
The new note will have a motif of the Sanchi Stupa, a Buddhist monument commissioned by Emporer Ashoka in Madhya Pradesh and the base colour will be bright yellow, the central bank said in a press release which also attached images of the new denomination currency.
The new Rs 200 note will prove to be a relief to people who have been struggling to get smaller denomination notes in the aftermath of demonetisation. The government stripped Rs 1,000 and Rs 500 notes of legal tender status in November 2016 and introduced new Rs 2,000 notes with enhanced security features.
To achieve the optimal system of currency that would minimize the number of denominations while increasing the probability of proffering exact change, especially at the lower end of denominations, there is a logical need to introduce the missing denomination of Rs 200, which will make the present currency system more efficient.RBI Press Release
Explaining the rationale behind the denomination of notes now available, the RBI said that many countries have followed the Renard Series, or a 1:2 or 1:2.5 ratio, between adjacent denomination of currencies.
Such a ratio allows exchange of value ordinarily in a maximum of three denominations, said the RBI. While the central bank has not admitted that it intends to introduce a Rs 1,000 note, this logic may suggest that a reintroduction of a denomination between Rs 500 and Rs 2,000 is possible. Alternatively, the government and the central bank could also choose to take out the Rs 2,000 note eventually.
In India, we have currency denominations of Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2,000. As such, in the lower end of the denomination series, Rs 200 is the missing one.RBI Press Release