Arun Jaitley refuted all suggestion that the Rs 2,000 note will be banned by the government or will soon be phased out of circulation.
New Delhi: Soon Rs 200 currency note is going to be a reality. The Centre on Wednesday gave its nod to RBI to issue Rs 200 notes in order to ease pressure on lower-denomination currency bills.
“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,” said a finance ministry notification in the Gazette of India.
“The government has today specified denomination of bank note of Rs 200 value. Soon this note will get added to the bucket of currency notes in India,” said Subhash Chandra Garg, economic affairs secretary.
The Rs 200 denomination notes is being brought to further improve the currency situation in the country. Following the demonetisation on November 8 last year, RBI had introduced Rs 2,000 notes and also issued new Rs 500 notes with additional security features.
RBI has also introduced new fluorescent blue Rs 50 banknotes bearing the motif of ‘Hampi with Chariot’ that depicts India’s cultural heritage.
Meanwhile, Mr Jaitley said the Centre is not considering banning Rs 2,000 notes, and RBI will decide on the timing of issuing the new Rs 200 bill. “The whole process regarding by when the notes will be printed, RBI will take care of that issue. Thus, it would be appropriate for the RBI to announce about dates and related matters to the note printing,” said Mr Jaitley.