New 200 Rupee note coming soon – Sources say RBI clears proposal

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There are reports coming from the sources that RBI (Reserve Bank of India) is planning to introduce a new 200 rupee note in the market. The two inside resources who are aware of the development revealed the news.

If this news is true then it will be a big relief for the common man who is struggling to get the change of 2000 rupee note after it was introduced by the government in the process of demonization.

It is believed that the RBI took the decision to introduce new 200 rupee note at a board meeting in March earlier this year. The sources remain anonymous as they are not authorized by the government to speak to the media. The printing of new 200 rupee note is expected to start after June once the government makes this move official. The central bank is currently awaiting approvals from concerned authorities to print the new currency.

If this is done then it will be the second new denomination in less than a year. Last year in November, Prime Minister Narendra Modi had scrapped the old 500 rupee and 1000 rupee notes in order to curb the black money. Ever since then there are rumors circulating in the market about the introduction of new currency.

The security agencies have raised concerns over security features of the currency notes that have not been changed since 2005. They expressed their concerns over security thread, water marks, latent image and fibre which are also used in the new 500 rupee and 2000 rupee notes.

 
Even after the introduction of new currency, there has been an increase in the fake currency from across the border which is destabilizing Indian market. To encounter this problem the government has decided to change the security features of currency notes once every three to four years.

Home Ministry revealed that 3,346 pieces of fake Rs 2,000 notes have been recovered from November 9, 2016, to March 7, 2017.

Interestingly, RBI Deputy Governor NS Vishwanathan recently said that RBI has no plans to introduce any new currency notes anytime soon. Instead, it plans to encourage cashless transactions.

Meanwhile, there are also reports that rs 1000 note might also return into the market. However, nothing about the news is confirmed and these are just speculations.

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