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RBI to introduce Rs. 200 notes soon

by IBNS 23 Aug 2017, 09:47 am

New Delhi, Aug 23 (IBNS) : India is all set to get Rs 200 notes, for the first time ever as the Finance Ministry issued a notification on Wednesdaymaking it a legal tender and paving the way for its circulation.

According to reports, the notes are likely to be put in the circulation by the end of September.

The Finance Ministry notification said,  "The central government hereby specifies the denomination of banknotes of the value of two hundred rupees".

Currently, there is no denomination between Rs 100 and Rs 500, and the introduction of 200-rupee notes is likely to make transactions easier.

On  August 18, the Reserve Bank of India (RBI) had  issued a notification stating that the central bank would soon issue Rs 50 denomination banknotes with a portrait of Mahatma Gandhi in the front and a motif of Hampi chariot at the back.

 However, the current Rs 50 notes would continue to be legal tender, the RBI added.

With fluorescent blue as its base colour, the new notes will bear the picture of the iconic stone chariot at Hampi, Karnataka, on the reverse.