The RBI has declared new ₹200 currency notes for the first time in the history of the country. These notes will be in circulation from today (August 25th 2017). The new denomination is launched keeping in mind the missing middle link in the under ₹500 category of the currency of India. The changing of soiled notes and ease of transactions along with tackling inflation and counterfeiting is what is aimed at with this introduction.
India became one of the very few countries to have a currency denomination of 200 in currency notes. The other countries are that have a 200 denomination are Israel, Switzerland, Mexico, Kazakhstan, Kyrgyzstan and North Korea.
Now this is how the new notes will look. They will be yellow in colour, following the new Mahatma Gandhi series that is there in the ₹500 and ₹2000 notes along with the “Swacch Bharat” logo at the back with the Sanchi Stupa. The amount ₹200 will be printed on the front with colour changing ink from green to blue. The new note will be in a dimension of 66mmX146mm.
“The Reserve Bank of India will issue on August 25, 2017 Rs 200 denomination banknotes in the Mahatma Gandhi (new) Series, bearing signature of Urjit R Patel, Governor, Reserve Bank of India from select RBI offices, and some banks,” RBI said in a press release.
Though notes may take a few weeks before getting into ATMs. “Since the length of the new Rs 200 currency is different from the existing currency in circulation, cassette calibration is required to be done. ATM manufacturers need to do a complete testing of the new Rs 200 denomination currency and provide the parameters which need to be configured at the ATM by an engineer. At the ATM switch level, we will require to do switch configuration and complete testing of new 200 denomination currency before implementation,” Himanshu Pujara, managing director, Euronet Services India Pvt Ltd was quoted saying in the report.
Do tell us what you think about this new note in the comments below.