Is this the new Rs 200 note? Don't count on it
Seven months after the demonetisation exercise began on November 8, 2016, the Reserve Bank of India (RBI) may have decided to introduce Rs 200 notes in the market. News wire ANI reported that official sources have hinted that the printing of the notes will begin shortly: "Printing order (for Rs 200 notes) has been placed," an update said.
According to reports, the decision was taken by the central bank in March after consultations with the finance ministry. The rollout of the new currency note and a notification to the effect can be expected soon. But let's weigh in.
Why the new Rs 200 note?
Demonetisation had wiped out about 86 per cent of the money in circulation at the time of its announcement.
As per industry experts, RBI's rumoured move to introduce the Rs 200 note is expected to make transactions easier and as such comes as great news for the people who have complained about managing Rs 2,000 notes.
Speaking to The Economic Times on the issue, chief economist at the SBI group, Somya Kanti Ghosh said, "For day-to-day transaction purposes, the introduction of 200 rupee notes will add to the ease of operations"
What does it look like?
There is no official word on the currency note's design, but leaked images of the new denomination have already found their way into social media. The notes may match up to global standards with security features that will be changed every few years. However, there is no report yet on the note being equipped with any sophisticated technology.
Should we be excited?
However exciting the news of the new denomination notes reaching ATMs near us may seem, it should be taken with a pinch of salt. Like previous reports on the RBI and the Centre introducing new denomination notes, the latest break on the Rs 200 note too could end up being little more than hot air.
Earlier in the year, there were reports about the government issuing new notes of Rs 1,000.
The Indian Express had reported that the RBI had begun printing new Rs 1,000 notes, under production in January. With the pressing need to supply Rs 500 notes in the market, the printing of Rs 1,000 notes was supposedly put on hold.
Another report by The Hindu BL reported the same, adding that the new notes of Rs 1,000 with "new dimensions, new design and new colour" would return in the market in due course.
However, in the age of speed news, such reports are yet to be made official, and the news of the freshly minted Rs 200 note may be no different.