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In accordance with media reports, there is a fair chance that the Reserve Bank of India may bring new ₹200 note. The decision regarding this was taken last month. The printing of new banknotes is expected to begin after June once the Modi government gives its consent. If this proposal is accepted by the government then it will be the second new denomination in the Indian currency.
From Surgical Strike on Black Money…
It was in lieu to the government’s surgical strike against black money that 86 percent of the currency was put out of circulation. And new high-value notes were added in the banking system. Though the consumers faced troubles but this move opened up huge potential for digital channels. The injection of 2000 rupee note made it difficult for the people to locate the change and the scenario still continues. The hundred rupee note is a rare sight at Automated Teller Machines and people are still facing the hardships. In such circumstance, the decision to bring lower denomination note will be welcome.
Besides this, a few news websites have also reported that the RBI has also proposed to reprint ₹1000 notes with additional security features. To check counterfeiting and for better security, the central bank has also proposed changing features of all notes every 3-4 years, they added.
To Looking Forward To Plastic Currency…
Going by the reports, plastic currency notes will soon be seen in the Indian market. Last month RBI started field trials of plastic notes of ₹ 10. These notes are expected to last longer than cotton substrate based banknotes. Even it is difficult to imitate the plastic notes. They offer better security features and will also be more energy efficient. These notes are already being used in 20 countries of the world.
With multiple changes awaiting, people look forward to see new notes in the wallet.