Printing of Rs. 2,000 Notes Stopped, RBI to Release New Rs. 200 Notes From Next Month
The Reserve Bank of India has stopped printing any more Rs. 2,000 notes in order to pave the way for brand new Rs. 200 notes, the printing process of which has already begun. We can expect to get our hands on the new Rs. 200 notes sometime next month and it is in order to make sure there’s sufficient Rs. 200 notes that RBI has currently stopped the printing of the highest currency note in the country as of now, that is Rs. 2,000 notes.
As of now, the Rs. 200 notes are undergoing a list of security and quality checks at all the government printing presses. The idea of launching Rs. 200 notes was proposed by the Central Bank of India in the month of March itself, earlier this year, after the bank had consulted the Ministry of Finance for the same.
According to reports published by Mint, the main focus of RBI currently is on printing Rs. 200 and Rs. 500 notes. They said that 90% of the printing done is for Rs. 500 notes and so far around 14 billion new pieces of Rs. 500 notes have been printed.
RBI is now hoping that with the release of lower denomination currency notes of Rs. 200 now, a lot of currency crunch will be regulated, which had leveled up since the month of November 2016, when Rs. 500 notes and Rs. 1000 notes were demonetized by the government. In fact, even after seven months from then, the currency crunch issue hasn’t completely resolved as RBI has failed to exchange all the old currency notes with new ones, and is yet to disclose the total value of the entire lot of old notes that have come back.
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