RBI to introduce new Rs 200 denomination notes likely in September

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New Delhi : The Union government today  announced that a new Rs 200 denomination note will be issued by the Reserve Bank of India. While no immediate date was made known, the new denomination could well hit ATMs and banks as early as next week in August or first week of September, reports Times of India.

Representative image

“In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two hundred rupees,” an official government released notification.

“There is no other denomination available between Rs 100 and Rs 500 and RBI is expecting Rs 200 notes to become very popular and that’s why it is taking every step to ensure availability of it,” reports TOI.

Last month, images of the new denomination note hit social media with several looking for a confirmation. Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. The earlier Rs 50 notes will continue to remain legal tender.

Sources : Times of India

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