Prepare your wallets for new currency notes - after a lot of speculation in the media, the government today confirmed that notes of denomination Rs 200 are indeed on their way. This will be the first time in India's history that there will be currency note of Rs 200d denomination.
The Finance Ministry, in a Gazette notification, specified the new currency note. In the notification, the Centre said that the Rs 200 note's specification was being done on the recommendation of the Central Board of Directors of the RBI.
There has been a lot of speculation about the introduction of the Rs 200 note - recent reports had said that the RBI had ordered printing of the notes and that the decision to introduce the Rs 200 note was taking in March.
Two Reserve Bank of India printing presses under Bharatiya Reserve Bank Note Mudran Private Limited - an RBI subsidiary that prints banknotes - from Mysore and Salboni were reportedly given the task of printing the Rs 200 note.
The Centre, while confirming that the Rs 200 note is on its way, did not offer more details. It is not known when the note will be introduced or how they might look. Speculative pictures on social media showed a purple-coloured Rs 200 note that looks quite like the new Rs 500 and Rs 2,000 notes that were introduced after the surprise November 8, 2016 demonetisation announcement.
The move was aimed at checking black money, counterfeit notes and terror financing. Following the announcement, made by Prime Minister Narendra Modi in a prime time televised speech, the old Rs 500 and Rs 1,000 notes had ceased to be legal tender.
While the government came out with new Rs 500 notes, which had additional security features, there were no Rs 1,000 notes introduced after the note ban announcement, leading to complaints of a shortage of change. The introduction of Rs 200 notes is expected to make daily transactions easier.
Today's confirmation comes close on the heels of the RBI saying that it will bring out new Rs 50 currency notes - the old Rs 50 notes will remain valid.The fluorescent-blue Rs 50 banknotes will bear the motif of 'Hampi with Chariot' that depicts India's cultural heritage.
INDIAN CURRENCY NOTES: BIRTH, DEATH, REBIRTH
Here's a look at the introduction, demonetization and remonetization of Indian currency notes since RBI's inauguration in 1935.
1935: Reserve Bank of India formally inaugurated
1938 (birth): First Rs 5 note issued by RBI & subsequently Rs 10, Rs 100 & Rs 1,000 & Rs 10,000 (largest currency denomination ever printed by RBI)
1940: Re 1 note reintroduced as a wartime measure
1946 (death): Rs 1,000, Rs 5,000, & Rs 10,000 notes were taken out of circulation.
1954 (rebirth): Rs 1,000, Rs 5,000, & Rs 10,000 notes reintroduced
1978 (death): Rs 1,000, Rs 5,000 & Rs 10,000 notes deemed illegal for the second time
1987 (birth): Rs 500 note came into circulation in October
1998 (birth): Rs 1,000 notes reintroduced
2016 (death): Rs 1,000 notes taken out of circulation
2016 (birth): Rs 2,000 currency notes introduced
2017 (rebirth): Re 1 note to be introduced again
2017 (birth): Rs 200 notes notified, to be introduced for the first time soon
