When will the new Rs. 200 note be available?
Reportedly, it's going to take as long as three months for the ATMs to start dispensing 200-rupee notes, which the RBI has launched a week ago. It's because the new denomination currency requires a huge exercise of recalibration. Although they are yet to receive supplies of this new currency, some banks have instructed ATM firms to begin the recalibration process. Here's more.
RBI issues Rs. 200 banknote
The Reserve Bank of India (RBI) said in a statement that it's releasing the first-ever Rs. 200 denomination banknote on 25th August. The note, belonging to the Mahatma Gandhi (New) Series, is aimed at addressing the ongoing shortfall of small currency denomination notes and reduce the post-demonetization burden on the Rs. 100 note.
Why was it introduced?
The government feels that with introduction of new Rs. 200 note, it will help bridge the gap between the already currency notes in use. It is also of the view that lower denomination notes aids government's efforts at realigning currency mix in the system. The government also thinks it will prevent counterfeiting, hence the new denomination is going through different levels of security checks.
No directive yet
RBI recently informed that it intends to ramp up the supply of the new Rs. 200 notes. However, the time-frame, by which the currency notes would be available in the market in adequate numbers, has not been disclosed. ATM manufacturing firms said that no RBI directive has been given as of yet, but banks have been asked, on an informal level, to start the process.
