Print­ing of ` 200 cur­rency notes be­gins

Shoes & Accessories - - The Month That Was Updates | India -

In­dia's re-mon­eti­sa­tion ex­er­cise ap­pears to be en­ter­ing its fi­nal lap, with the cen­tral bank begin­ning to print bills of 200 ru­pees – per­haps for the first time – to help ease con­sumer trans­ac­tions. The notes of ` 200 de­nom­i­na­tion are be­ing printed in one of the gov­ern­ment-owned fa­cil­i­ties af­ter the Re­serve Bank of In­dia placed an or­der a few weeks ago for the bills, as re­ported by ET. An email sent by ET to the RBI seek­ing its com­ments could not elicit any re­sponse un­til the pub­li­ca­tion of this re­port. "For day-to-day trans­ac­tion pur­poses, the in­tro­duc­tion of 200 ru­pee notes will add to the ease of op­er­a­tions," said Soumya Kanti Ghosh, group chief econ­o­mist at the SBI Group. The in­tro­duc­tion of the ` 200 cur­rency notes pre­dates the fed­eral gov­ern­ment’s de­ci­sion to overnight with­draw bills of higher de­nom­i­na­tion in Novem­ber as part of a broader ex­er­cise to stop coun­ter­feit­ing and curb­ing un­taxed cash in Asia’s third-big­gest econ­omy. The RBI board had ear­lier cleared the pro­posal to is­sue ban­knotes of ` 200 de­nom­i­na­tion. The gov­ern­ment, too, had ex­am­ined the in­tro­duc­tion of the new notes that would help cit­i­zens trans­act eas­ily. Be­fore the Novem­ber 8 de- mon­eti­sa­tion, there were roughly 1,650 crore pieces of ` 500 notes in cir­cu­la­tion, ac­cord­ing to data from the State Bank of In­dia re­search. With the re­moval of this se­ries from the sys­tem, there was a large gap in the value of notes in cir­cu­la­tion. Lower de­nom­i­na­tion notes aids the gov­ern­ment’s ef­forts at re­align­ing the cur­rency mix in the sys­tem. "The new 200 notes will carry ad­vanced se­cu­rity fea­tures. The au­thor­i­ties are tak­ing ex­tra pre­cau­tion to pre­vent coun­ter­feit­ing," said a source aware of the print­ing sched­ule.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.