New Delhi:
The Reserve Bank is expected to introduce Rs 200 notes in the coming months to
ease pressure on lower-denomination currencies that are in short supply.
The new
notes of Rs 200 should be out before the end of 2017 and will greatly help in
narrowing the demand and supply gap in smaller-denomination currency bills,
sources said.
They also
said that there is no immediate plan to re- introduces Rs 1,000 notes.
However, as
per fresh reports in the media, the new Rs 200 notes will not be dispensed
through ATMs. Rather they will only be circulated via bank branches like that
in the case of Rs 10, Rs 20 and Rs 50 currency notes.
Last year in
November, the government had demonetised the old 500 and 1,000 rupee notes.
Soon, a
notification may be issued by the Reserve Bank of India with regard to issuance
of new Rs 200 bills.
This
exercise of printing Rs 200 denomination notes is being undertaken to further
improve the currency situation in the country, sources said, adding the problem
people are facing due to high-value Rs 2,000 notes would also be taken care of
with the circulation of Rs 200 notes.
The central
bank had reportedly decided to bring in Rs 200 notes in March after consulting
the finance ministry, they said. The notes are going through multiple checks
for security and quality at government printing presses.
The shortage
of currency notes was trigged by the scrapping of high-denomination bills last
year.
In a
surprise announcement, Prime Minister Narendra Modi announced scrapping of old
notes of Rs 1,000 and Rs 500 notes, wiping out over 85 per cent of the cash in
circulation.
The move was
aimed at checking black money, counterfeit notes and terror financing.
Pradhan
Mantri Garib Kalyan Yojana (PMGKY) launched following the closure of 50-day demonetization
period did not draw a good response with only Rs 5,000 crore unaccounted income
being declared under the amnesty scheme.
The scheme
was launched in December last year to enable people with black money to come
clean by paying tax and penalty of 50 per cent.
No comments:
Post a Comment