Follow us on Social Sites

Showing posts with label RBI New Note Launch. Show all posts

Why the RBI is giving you the new Rs 200 note

No comments

HIGHLIGHTS

  • RBI on Thursday announced that it would issue Rs 200 notes on Friday
  • State Bank of India group chief economic advisor calls the Rs 200 note, the “missing middle”
  • Post demonetization, five new currency notes have been announced, including Thursday’s announcement -- Rs 2,000, Rs 500, Rs 200, Rs 50, and Re 1
 New Rs 200 note to be issued from today


The Reserve Bank of India (RBI) on Thursday reported that it would issue Rs 200 notes on Friday. "Presentation of another money section and configuration is finished keeping in thought different components like simplicity of exchanges for the regular man, substitution of dirtied banknotes, swelling and the requirement for battling duplicating," the RBI said post the declaration. 

(You can read about the remarkable components of the new note here ). 

State Bank of India's (SBI) amass boss monetary guide Soumya Kanti Ghosh calls the Rs 200 note, the "missing center". 

Ghosh brings up, that post demonetisation, there was no note between Rs 500 and Rs 2,000 sections, and henceforth the Rs 200 note would be valuable and will ease littler operational troubles. "It will encourage exchanges, getting change for Rs 2,000 would be less demanding. What's more, more critically, storing of littler notes is troublesome with the goal that too would be checked," the business analyst said. 

The Narendra Modi government in an unexpected proceed onward November 8, a year ago, had banned high esteem cash notes of Rs 500 and Rs 1,000 sections overnight, in an offer to crackdown on dark cash and storing. 

As per SBI's appraisals, in the pre-demonetisation period, 87 for every penny of the cash available for use constituted of high category notes. As an effect of what many call PM Modi's "masterstroke" against dark cash, high esteem money available for use at present stands at around 70 for every penny, as per India's biggest open part loan specialist. 

Days in the wake of declaring the old notes as unlawful delicate, new money notes of Rs 500 and Rs 2,000 divisions were acquainted into the framework with facilitate the extreme liquidity crunch that hit the nation. Post demonetisation, five new money notes have been declared, including Thursday's declaration - Rs 2,000, Rs 500, Rs 200, Rs 50, and Re 1. The Re 1 note had been stopped in 1994. 

(Additionally read: New Rs 50 note to hit advertise soon, old note to proceed ) 

While Rs 500, Rs 50 and Re 1 are upgraded notes, Rs 2,000 and Rs 200 are the two debutantes ever. 

The new Rs 200 note that will be issued from "select RBI workplaces, and a few banks" from Friday, won't be accessible at ATMs (Automated Teller Machines) immediately, as the machines would require recalibration before they can dispense the new cash. 

"Since the length of the new 200 money is not quite the same as the current cash available for use (100,500,2000), tape adjustment is required to be finished. ATM producers need to do an entire testing of the new 200 group cash and give the parameters which should be designed at the ATM by an architect. At ATM switch level, we will require to do switch design and finish testing of new 200 section cash before execution," Euronet Services India overseeing chief, Himanshu Pujara said. Euronet gives electronic installment administrations, offering ATMs, purpose of offer (POS) administrations, credit/platinum card administrations, and other electronic monetary administrations.