Lot has been trending on the social media about the Rs. 200 currency. Actually, there was a leaked picture that circulated on the social networking websites like WhatsApp, Facebook, and Google. People began spreading rumors among which, some of them were correct and some of them were fake. There were excitement and enthusiasm both seen keenly from the people.
The time hasn’t gone far yet. It was in November 2016 that the Government of India led by the Prime Minister Narendra Damodardas Modi came up with a well-organized plan. The plan was a discreet one, to restore the black money. It popped up immediately on the news channels and people came to know that the currency of Rs. 500 and Rs. 1000 will no longer be in use. It was a well-targeted move. A move that was planned and then initiated after thought process.
Effect of Demonetization and new currencies issued thereafter
After demonetization, another noticeable thing that happened was new currencies were introduced. The amount of currency in the form of Rs. 1000 and Rs. 500 was way too much. The withdrawal of these currencies meant that there was a huge vacuum left in the financial system of India. The 100 rupee note alone was not sufficient to cope up with the demand. The demand exerted was too much. So, the Government of India launched the new notes of Rs. 500 and Rs. 2000. Rs. 500 and Rs. 2000 were big amounts. The purpose of launching them was to recover the vacuum left due to the withdrawal of the old currencies.
(This Image is not the specimen of the currency from RBI)
Discontinuation of Rs. 2000 note and introduction of new Rs. 200 currencies
The Rs. 2000 note had the capability to make the recovery 2x faster. That is the only reason the government came up with Rs. 2000 note. People had lots of difficulties during the time of demonetization. India was not a cashless economy. The other problem that people faced was that the note of 2000 denomination was not easy to break. Owing to this reason many merchants declined to accept it. The Government of India looked into this problem. The decision was taken to not print further Rs. 2000 currency notes. However, the notes that had already circulated in the market will continue to circulate until the end user is the RBI.
The new currency of Rs. 200 is the only way out
But if the Reserve Bank of India is discontinuing the print of Rs. 2000 note, it should compensate it by launching another currency. And that currency is Rs. 200. The 200 denomination notes are all set to come. As the news that is being followed in the public domain, the Reserve Bank of India had said in the last week of July 2017 that it is ready to introduce Rs. 200 notes. At that time, it was also said by the RBI that the new note will come after 30 days. The news in the market is also that the print of the 200 rupees currency was started in the month of June itself. It is being assumed that the RBI has taken this step to boost its cash reservoir. There are only two printing centers in the entire country that are printing the 200 rupees note that is Mysore and Salboni.
- The 200 note looks exactly like the 2000 note except for its color that is purple.
- The 200-rupee currency will have the signature of Reserve Bank of India Governor, Urjit R Patel.
- There are only two printing centers in the entire country that are printing the 200 rupees note that is Mysore and Salboni.
- The currency will have Mahatma Gandhi’s photo in the center as it is a part of Mahatma Gandhi currency series.
- It has a see-through texture, i.e., upon keeping it diagonal in light one will be able to see the number 200 and Gandhiji’s photo which also serves as a watermark.
- Like every other paper currency of India, it will have a promise clause.
- It will have a green film embedded in the right side of the currency on the front area.
- Just below the promise clause there will be the signature of the current Governor of RBI, and below it will be a stamp of Reserve Bank of India.
- There are legal provisions against counterfeiting the note. The person found doing so can be offended under sections 489A to 489E of the IPC.
- The 200-notes are going through several security checks.
- Especially for the visually impaired people, there will be a raised printing of Ashoka Pillar and Mahatma Gandhi in the new notes.
If the latest reports are to be believed, the new 200 currencies will be circulated within in the market among the citizens from August-September, 2017. It was said by the Reserve Bank of India that to prevent shortage of currency and illegal trade, it was apparently stocking Rs. 50 crores in the new denomination notes.