Rs. 200 notes are likely to be circulated in the Indian market next month, the government has stopped the further printing of the recently printed Rs. 2,000 notes – Says Report.
According to media report- The Reserve Bank of India has already started printing of Rs 200 variations at its printing media in Mysuru, and around 100 billion dollars Rs 200 notes are likely to be circulated in the Indian market next month. Meanwhile, the Reserve Bank Of India has stopped posting Rs 2,000 notes for previous five months and may not execute any further printing in this financial year.
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Initially, around a billion Rs. 200 notes are hit the industry,” the quoted a source as saying.
The RBI could be providing the new Rs 200 note as early next month “We have already started printing the first set of 200 rupee notes in June. So we are on monitor to fulfill the deadline to introduce 200-rupee notes by next month,” a source, who is part of the national investment and the currency Department, informed India Today.
There is no news yet stating that the Rs 2000 will be taken out of circulation. “The decline in the printing of new Rs 2,000 notes is a separate issue. But that needs to be confirmed by the RBI. RBI will provide info on Rs 2,000 notes.” INS reported.
The new set of Rs 500 notices is predicted to counterbalance the lack of Rs 2,000 notices in circulation. The lack of currency notes was prompted by the scrapping of high-denomination expenses in Nov last year.
In a surprise statement, PM Modi announced the scrapping of old notes of Rs 1,000 and Rs 500 notes last year, eliminating over 85 % of the cash in circulation.