Mumbai: In an attempt to bridge the gap between denominations of low and high value currencies, the central government on Wednesday announced the launch of 200 rupee notes.
The Ministry of Finance, in a notification, said: “The central government hereby specifies the denomination of banknotes worth two hundred rupees.”
According to reports, the Rs 200 notes will be launched in late August or the first week of September.
The RBI also recently announced that it will issue new notes denomination Rs 50.
The introduction of lower currency notes can be seen as a move towards remonetization following the November 8, 2016 banknote decision. In its fight against black money and counterfeit notes, Prime Minister Narendra Modi had rejected The use of Rs 500 and Rs 1000 Notes.
According to Soumya Kanti Ghosh, chief economist of the SBI group: “The introduction of 200 rupees will replace the lost center, caused by the withdrawal of the old 500 rupee series.”
