R200 note hits the markets today
The Reserve Bank of India will launch R200 notes for the first time on Friday, saying it will make it easier for the common man to transact in lower denomination “missing link” currency and bring greater efficiency into the system.
The bright yellow coloured R200 notes will hit the market just a day after the finance minister gave goahead to the RBI to issue the new currency bill.
Following the demonetisation of R1,000 and R500 notes last November, the central bank had introduced R2,000 notes and new ~500 notes. The transition had led to severe cash shortage in the economy and put pressure on low value notes.
“The Reserve Bank of India will issue on August 25, 2017, R200 denomination banknotes in the Mahatma Gandhi (new) Series, bearing signature of Urjit R Patel, Governor, Reserve Bank of India from select RBI offices, and some banks,” RBI said in a press release.
According to the new policy on theme-based currency notes, the R200 bill bears motif of Sanchi Stupa to depict India’s cultural heritage. The base colour of the note is bright yellow, RBI said.
In a separate statement, it said that R200 note will provide the “missing link” and ensure optimal mix of currency denominations. India has currency denomina- tions of R1, 2, 5, 10, 20, 50, 100, 500 and 2,000. As such, in the lower end of the denomination series, R200 has been the missing link. The RBI had recently introduced R50 note with a new look and additional security features. “To achieve the optimal system of currency that would minimise the number of denominations while increasing the probability of proffering exact change, especially at the lower end of denominations, there is a logical need to introduce the missing denomination of R200, which will make the present currency system more efficient,” RBI said.
Provision of the new denomination, therefore, would facilitate exchange, particularly for the common man who deals with denominations at the lower end, it added.
Now, with the introduction of R200 notes, the problem people have been facing due to high-value R2,000 notes is expected to be resolved.
Recently, the RBI had introduced new fluorescent blue notes of R50 bearing the motif of ‘Hampi with chariot’. Among prominent features, the R200 banknote would carry the portrait of Mahatma Gandhi at the centre and the denominational numeral “200” with rupee symbol in colour changing ink — green to blue — on the bottom right on the obverse (front) side of the note, RBI said.
For visually impaired, the front side of the note will have intaglio or raised printing of Mahatma Gandhi portrait, Ashoka pillar emblem, raised identification mark ‘H’ with micro-text R200, four angular bleed lines with two circles in between the lines both on the right and left sides.
The reverse side of the note would carry a Swachh Bharat logo with slogan and the Sanchi Stupa motif, RBI said. The new note will be in a dimension of 66mmX146mm.
RBI said the introduction of a new currency denomination and design is done keeping in consideration various factors like ease of transactions for the common man, replacement of soiled banknotes, inflation and the need for combating counterfeiting.