There could soon be a new note in your wallet to ease your struggle of getting change for the high denomination Rs 2000. Business daily Mint reports that the Reserve Bank of India has approved a proposal to introduce notes of Rs 200 denomination. If done, this will be the second new denomination since Prime Minister Narendra Modi demonetised notes of Rs 500 and Rs 1000 on November 8 last year.
According to the Live Mint report, the RBI Board had, in March this year, cleared a proposal to introduce the Rs 200 note and it’s now awaiting clearance from the government. Post this approval, the Mint report says, the printing of the note will begin. However, there’s no official confirmation of the same.
Interestingly, at a recent event in Kumbakonam, Tamil Nadu, RBI Deputy Governor NS Vishwanathan said “Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage cashless transactions, which are helpful to the people.” He was speaking at a lecture on credit culture and financial system.
What do you think? Should the government introduce lower denomination notes to ease transactions? Vote below.