Active Stocks
Fri Apr 19 2024 15:56:00
  1. Tata Steel share price
  2. 162.10 1.31%
  1. Tata Motors share price
  2. 963.20 -0.84%
  1. NTPC share price
  2. 350.90 -0.14%
  1. ITC share price
  2. 424.80 1.40%
  1. Power Grid Corporation Of India share price
  2. 281.70 0.54%
Business News/ Industry / Banking/  RBI clears proposal to introduce 200 notes
BackBack

RBI clears proposal to introduce ₹200 notes

RBI is likely to start the process of printing the new ₹200 notes after June, only after the government officially approves this new denomination, says an official

RBI has already introduced new Rs 2,000 and Rs 500 banknotes. Photo: APPremium
RBI has already introduced new Rs 2,000 and Rs 500 banknotes. Photo: AP

The board of the Reserve Bank of India (RBI) has cleared a proposal to introduce banknotes of 200 denomination, two people aware of the development said.

The decision was taken at the RBI board meeting in March, these people said. They didn’t want to be identified as they aren’t authorized to speak to the media.

The process of printing the new 200 notes is likely to begin after June, once the government officially approves this new denomination, said one of the two people cited earlier.

An RBI spokesperson declined to comment.

Also read: Govt asks companies to disclose details about scrapped notes

The move to introduce lower denomination notes comes against the backdrop of the government’s move to rework the currency mix.

On 8 November, it announced the withdrawal of 500 and 1,000 currency notes, amounting to around 86% of currency in circulation of 17.9 trillion.

Since then, RBI has replaced these with the new 2,000 and redesigned 500 bank notes. As on 24 March, currency in circulation was 13.12 trillion, still around 27% off pre-demonetization levels. The government is encouraging digital payments and may not increase currency in circulation to the pre-demonetization level.

On 13 March, RBI lifted all cash withdrawal caps. ATM operators, however, say that there is a paucity of lower denomination banknotes.

So far, the central bank has not revealed how many of the old currency notes it has got back from the public. The window for Indians who were out of the country between 8 November and 30 December ended on Friday.

The RBI board has 14 members. Apart from governor Urjit Patel and four deputy governors, the board also has economic affairs secretary Shaktikanta Das and financial services secretary Anjuly Chib Duggal.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 03 Apr 2017, 09:57 PM IST
Next Story footLogo
Recommended For You
Banking Stocks
₹1,024.150.52%
₹1,494.62.46%
₹1,055.451.04%
₹129.55-1%
₹744.80.81%
Switch to the Mint app for fast and personalized news - Get App