Author Topic: RBI to issue New 200 Rupees  (Read 3991 times)

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Offline dheer

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Re: RBI to issue New 200 Rupees
« Reply #15 on: July 24, 2017, 05:33:02 PM »
Yep. Not sure if it is a good idea.
In my view just have rs 100 and rs 10 notes. This will push for digital platform.
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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #16 on: July 26, 2017, 05:21:40 AM »
RBI stops printing Rs 2000 notes, focus turns to new Rs 200 notes

The new batches of 500-rupee notes are expected to ease the shortage of 2,000-rupee notes in circulation that is being reported in certain parts of the country. The RBI’s Mysore press has started printing the new 200-rupee bills, which are likely to come into circulation next month.

Updated: Jul 26, 2017 08:15 IST

Gopika Gopakumar
Livemint, Mumbai

The Reserve Bank of India (RBI) stopped printing 2,000-rupee notes about five months ago, stepping up instead the production of smaller bills, including a new Rs 200, people familiar with the matter said on Tuesday.

The central bank is also unlikely to print more 2000-rupee notes in the current financial year, they said on condition of anonymity.

The government brought in the 2000-rupee note to quickly tide over a cash crunch from demonetisation, but fewer lower-value currency in circulation meant people struggled to change the big denomination bill.

The RBI’s focus now on printing small bills is aimed at bridging that gap.

About 3.7 billion 2,000-rupee notes amounting to Rs 7.4 trillion have been printed, said one of the people cited above. That more than compensates for the 6.3 billion 1,000-rupee bills withdrawn from November 8.

“Most of the printing that’s being done, about 90% is only 500-rupee notes. Nearly 14 billion pieces of new 500-rupee notes have been printed so far,” one of the people cited above said.

That is also close to the 15.7 billion of old 500-rupee notes (amounting to Rs7.85 trillion) withdrawn from circulation after November 8.

Not all the new notes printed so far have been released into circulation by the central bank.

RBI data shows that currency in circulation stood at Rs 15.22 trillion as on 14 July, eight months after demonetisation. This is about 86% of the Rs 17.7 trillion that was in circulation on November 4.

Separately, the RBI’s Mysore press has also started printing the new 200-rupee bills, which are likely to come into circulation next month, according to a second person.

“Initially, around a billion 200-rupee notes are expected to hit the market,” this person added.

The central bank did not respond to an email seeking comment.

The new batches of 500-rupee notes are expected to ease the shortage of 2,000-rupee notes in circulation that is being reported in certain parts of the country.

“The cash crunch which existed till two months ago has now eased with RBI increasing supply of 500-rupee notes over the last 40 days,” said Neeraj Vyas, deputy managing director, State Bank of India (SBI).

“But we have also seen a sharp drop in the supply of 2,000-rupee notes during this period.”

A July 19 report from SBI’s economic research wing showed that cash on hand with banks is high at 5.4% of currency in circulation compared with 3.8% pre-demonetisation. This shows that there is excess cash lying in ATMs or bank branches, most of which could mostly be 2,000-rupee notes, concluded the report.

“Although we haven’t seen any drop in supply of 2,000-rupee notes, we expect it to be moved out of ATMs once 200-rupee notes hit the market,” said Radha Rama Dorai, country head, ATM and allied services, at ATM service provider FIS.

(Additional reporting by Mahua Venkatesh)

Source: Hindustan Times
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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #17 on: July 28, 2017, 04:39:55 PM »
We finally have the official confirmation from government!

Rs 200 to be issued soon: Minister of State for Finance

IANS | Jul 28, 2017, 06:26 PM IST

NEW DELHI: With rumours of the Centre planning a withdrawal of the newly-introduced Rs 2,000 note doing the rounds, Minister of State for Finance Santosh Kumar Gangwar has said there was no news of its scrapping, adding the Rs 200 note will be in circulation soon.

"No news that Rs 2,000 will be scrapped," Gangwar told IANS in an interview.

"The reduction in printing of new Rs 2,000 notes is a separate issue. But that needs to be confirmed by the Reserve Bank of India (RBI). RBI will give information on Rs 2,000 notes," he added.

According to media reports, the government has stopped further printing of the recently printed Rs 2,000 notes.

On July 26, the issue was raised in Parliament when the opposition asked Finance Minister Arun Jaitley to confirm if the government was going to "demonetise Rs 2,000 notes" and if its printing had been stopped. The Minister had declined to reply.

Industry experts said the government was aiming to limit the circulation of high denomination Rs 2,000 note, which would remain a legal tender, but not demonetise it. The circulation of smaller denomination notes would be increased by introducing a new Rs 200 note.

Gangwar told IANS that Rs 200 note, printing of which had already begun, would be in circulation soon. The move to introduce Rs 200 note was to increase the circulation of smaller denomination notes, he added.

A top government official, on condition of anonymity, told IANS that the Rs 200 note would be introduced in the markets in August.

"The paper for Rs 200 notes was ready in the Mysuru paper mill in June. It should be in circulation next month," the official said.

The Mysuru paper mill is joint venture of Security Printing and Minting Corp of India Ltd (SMPCIL) and Bharatiya Reserve Bank Note Mudran, a wholly-owned subsidieary of RBI.

The Rs 200 new note was being printed in the RBI printing press. India has four currency note printing pressess - two RBI presses at Mysuru (Karnataka) and Salboni (West Bengal) and two Security Printing and Minting Corp of India Ltd (SMPCIL) presses at Nashik (Maharashtra) and Dewas (Madhya Pradesh). SPMCIL is a public sector unit.

Lauding the introduction of Rs 200 note, a State Bank of India (SBI) report recently said that it would serve as the "missing middle".

"It seems that there has been a significant move towards relocating distribution of currency towards smaller denominations post demonetisation. However, while such a move is laudable and consistent with the long term vision of a less cash economy, we need to consider the following issues.

"Though the number of small denomination notes has increased, the mismatch caused by the presence of Rs 2,000 denomination straight after Rs 500 denomination is causing difficulties in exchanging the high denomination notes," the SBI Ecowrap report noted.

Source: Times of India
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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #18 on: August 23, 2017, 10:02:18 AM »
Finally we have the gazette notification for the new ₹200 note...to be introduced in September first week.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline vaibhavdata

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Re: RBI to issue New 200 Rupees
« Reply #19 on: August 24, 2017, 09:51:29 AM »
Notification by RBI

Offline vaibhavdata

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Re: RBI to issue New 200 Rupees
« Reply #20 on: August 24, 2017, 09:55:04 AM »
page 2

Offline vaibhavdata

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Re: RBI to issue New 200 Rupees
« Reply #21 on: August 24, 2017, 09:56:11 AM »
Reserve Bank says introduction of Rs. 200 notes will facilitate ease of transactions

Offline Bimat

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RBI to issue New 200 Rupees
« Reply #22 on: August 25, 2017, 07:01:19 AM »
The color looks much better than the new ₹2000 and ₹50!

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

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Re: RBI to issue New 200 Rupees
« Reply #23 on: August 25, 2017, 08:55:12 AM »
If you notice, the width of the notes are being kept same. The length still varies to help distinguish.

I think it is good it also solves wallet issues.
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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #24 on: August 25, 2017, 01:10:26 PM »
ATMs will have to be re-calibrated again, so we will have to wait until we actually get it... ::)

Re-calibrating 200k+ ATMs in the country isn't an easy job, people from metro cities might just be lucky to get it first.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

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Re: RBI to issue New 200 Rupees
« Reply #25 on: August 25, 2017, 06:36:40 PM »
My understanding is that the notes will not be dispatched via AtM, but only by branches
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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #26 on: August 26, 2017, 08:15:02 AM »
My understanding is that the notes will not be dispatched via AtM, but only by branches

From what I have read, the process of re-calibration has already started but its pace it somewhat slow, as there's no urgency this time. ;)

By the way, here are some photos (by ANI) taken outside Delhi office of RBI yesterday. Long queues outside the bank to get the new notes...

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

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Re: RBI to issue New 200 Rupees
« Reply #27 on: August 27, 2017, 05:54:19 AM »
From what I have read, the process of re-calibration has already started but its pace it somewhat slow, as there's no urgency this time. ;)

Aditya

Generally an ATM can only handle 3 denominations, maybe 4 max. However this would need quite a bit of logistics and right now the ATM displays are not geared up to display stuff ... i.e. quite often the ATM has Rs 2000 notes but when you try to withdraw Rs 5000, it shows a simple message cannot dispense cash; please try other ATM. The newer generation ATM machines display a proper message; the denomination available is Rs 2000, try 4000 or 6000.

Like wise on Rs 200 if they are going to be via ATM, I guess the complete logistics of Bank will be in Mess.
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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #28 on: August 27, 2017, 08:59:34 AM »
Like wise on Rs 200 if they are going to be via ATM, I guess the complete logistics of Bank will be in Mess.

Banks are in mess anyway...RBI was supposed to pay to banks for the re-calibration of ATMs which was done in November/December after Demonetization, but RBI hasn't yet done so yet. The total amount is in few thousand crores...

As far as I know, every ATM machine in India has four trays, so you can put four denominations in four trays. Currently, they put ₹100 notes in two trays and ₹500 and ₹2000 in one tray each. So they can put ₹200 notes in one of the tray used for ₹100, or even the ₹2000, if they do not want ₹2000 to circulate further.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline dheer

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Re: RBI to issue New 200 Rupees
« Reply #29 on: August 28, 2017, 08:16:18 AM »
Thats true. Sure they can do that. It would be logistics nightmare.  >:D
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