The RBI board has reportedly reached a decision to print Rs 200 notes during a board meeting that happened earlier in March. The printing process will be initiated after the government officially approves the new banknote.
Rs 200 notes will then be released after June later this year.
The report comes in as a surprise seeing that the demand for cash has slowly been declining over the past 3 months as digital transactions gain more traction.
That being said, there have been numerous reports outlining the frustration faced by everybody as ATMs across the nation run low.
The demonetization bid to draw out black money has put unduly stress on small businesses, leaving them paralyzed as the cash flow declines. This move to release Rs 200 notes can assist with this problem.
The social media, as always, took upon itself to speculate what the new Rs 200 note might look like.
If you are a fan of the environment or are obsessed with the color green (Go Celtics!), you’ll surely like this design. Also, who doesn’t like colorful $$$?
I am wondering whether this newly circulated Rs 200 note would be made with plastic instead as opposed to the sub-par material used for the Rs. 2000 and Rs. 500 banknotes.
The RBI was experimenting with plastic banknotes before the demonetization debacle erupted. RBI has been busy fighting fires since then and perhaps now is the time to revisit the pilot program.
These new Rs. 200 banknotes might also come with new anti-counterfeit and heightened security measures. The Central Bank has proposed changing features of notes every 3-4 years for security purposes. Countries including Canada and Australia utilize polymer notes for superior security and for prolonging their use. Polymer notes also make it easier to embed security features such as metallic symbols and hidden numbers.
But who knows, maybe these new notes will come with NaMo GPS trackers and Jio sims. #DigitalIndia
Wait, there is More!
Here are some interesting RBI facts you didn’t know you needed:
- RBI was established 82 years ago in 1935
- RBI’s logo took its inspiration from the East India Company’s Double Mohur
- RBI also served as the central banks for two other countries: Myanmar and Pakistan
- RBI has a monetary museum in their Mumbai head office!
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