The board of the Reserve Bank of India has cleared a proposal to introduce the Rs 200 note, with the plan only awaiting government clearance.
A report in Mint says that two officials present at the Central Bank’s board meeting in March confirmed the same to them. A response from the RBI was not received, however. The process of printing the notes will reportedly begin from June after the Centre gives its consent.
The report adds that the idea is to ‘rework the currency mix’.
The currency mix was shorn when Prime Minister Narendra Modi announced the move to demonetise on November 8, 2016. Notes of Rs 500 and Rs 1000 were removed from circulation and close to 86 percent of the currency finding its way out of circulation.
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Following that, the RBI first introduced the Rs 2000 note and then followed it up with the new Rs 500 note.
Recent reports have mentioned how ATMs across the country are falling short of currency to dispense and how there is still a lack of currency of smaller denomination.
The government had said that the move was to get rid of black money and counterfeit notes that were aiding terrorism from across the border. The narrative slowly shifted to moving India towards a cashless economy.
