Author Topic: RBI to issue New 200 Rupees  (Read 3977 times)

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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #30 on: August 28, 2017, 08:32:37 AM »
Thats true. Sure they can do that. It would be logistics nightmare.  >:D

Makes you wonder why planning was not done at the time of Demonetization. This is turning out to be a circus...

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

Offline Figleaf

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Re: RBI to issue New 200 Rupees
« Reply #31 on: August 28, 2017, 08:34:36 AM »
As you seem to think that that more than 100% of the withdrawn 500 and 1000 rupee notes have been returned to the RBI, wouldn't it be logical that they issue less than 0% of the printed 200 rupee notes to compensate? ;)

Peter
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Offline Bimat

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RBI to issue New 200 Rupees
« Reply #32 on: August 28, 2017, 08:40:19 AM »
As you seem to think that that more than 100% of the withdrawn 500 and 1000 rupee notes have been returned to the RBI, wouldn't it be logical that they issue less than 0% of the printed 200 rupee notes to compensate? ;)

Peter

Are you suggesting a -₹200 note? >:D

By the way, the disaster is not just limited to over 100% deposit of old notes...There are instances where Mr. X deposited 'n' number of old banknotes in his account, then got that amount credited to his account, then got some of those deposited banknotes again (through backdoor) with the help from a corrupt bank employee, deposited them again in other bank, got that amount credited to his account again and so on... :o

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

Offline Bimat

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RBI to issue New 200 Rupees
« Reply #33 on: August 28, 2017, 12:45:58 PM »
There are reports that a redesigned ₹1000 note will also make a comeback, possibly by December 2017. Mysore and Salboni presses will be printing these.

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

Offline Bimat

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RBI to issue New 200 Rupees
« Reply #34 on: August 29, 2017, 06:26:54 AM »
DNA Exclusive: Reserve Bank of India to launch new Rs 1000 banknote by December

MANJU AB | Updated: Aug 28, 2017, 10:03 AM IST, DNA

The Rs 1,000-denominated currency note, which was demonetized on November 8 last year, is coming back in a new avatar with enhanced security features.

Sources told DNA Money that the government would shortly start printing the new Rs 1,000 note to bridge the yawning gap between the existing Rs 500 and Rs 2,000 notes.

Preparations for the design and the paper for printing the Rs 1,000 note are in full swing. The new currency note with enhanced security features could be out as early as December 2017, said a person close to the development.

"The printing presses at Mysore and Salboni are getting ready to print the brand-new Rs 1,000 notes which will have enhanced security features," the person said.

"Printing of Rs 2,000-denominated notes stopped at least six months back and now the Rs 200 notes are getting printed at these presses. Next in line for printing is the Rs 1,000 note," the person added.

The Rs 1,000 note will ease day-to-day operations and be beneficial to the common man, especially in the rural and semi-urban areas which are dominated by low-value transactions.

India currently has currency denominations of Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 100, Rs 500 and Rs 2,000. While Rs 200 notes are being introduced to bridge the link between the Rs 100 and Rs 500 value notes, Rs 1,000 is set to narrow the wide gulf between the Rs 500- and Rs 2,000-denominated notes.

Globally, countries have opted to use the Renard series for convenient use of currency. In this system, the ratio between adjacent denomination of currencies is 1:2 or 1:2.5. This means the denomination should be twice or two-and-half times of its preceding denomination. Such a ratio allows exchange of value ordinarily in a maximum of three denominations.

India already had Rs 1,000 currency notes, which was demonetized on November 8, 2016. The new Rs 1,000 notes will have improved security features compared to the extinguished Rs 1000 notes.

"The Rs 2,000 note will continue to exist but the focus will be on the lower-denomination notes. The Rs 2,000 note was printed for faster remonetization but in hindsight, the government has realised that lower value denominations should be the focus," the source said.

"The new Rs 1,000 note will bridge missing link between the existing Rs 2,000 and Rs 500. Right now, the next denomination after Rs 500 is Rs 2,000 which creates a big gap impacting the ease of transactions," a banker said.

RBI on August 25 released both the Rs 200 and Rs 50 notes. The existing Rs 50 that is already in circulation will continue to be in circulation along with the new notes that come with enhanced security features. However, ATMs will not dispense these new notes due to their size unless the machines and their cassettes are recalibrated. The new Rs 200 denomination has the motif of Sanchi Stupa on the reverse and its base colour is bright yellow while the Rs 50 note is fluorescent blue and has the stone chariot of Hampi, which is internationally recognised as the world heritage site by the Unesco.

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

Offline Bimat

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RBI to issue New 200 Rupees
« Reply #35 on: August 30, 2017, 04:34:07 PM »
Finance minister yesterday denied reports that a modified ₹1000 banknote is going to be issued soon....which means that it will be issued. ;D (He had earlier denied introduction of ₹200 note as well).

I fail to understand why such secrecy is being maintained for these new banknotes? Serves no purpose but adds only confusion as people start circulating photo-shopped images of the new banknote...

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

Offline Figleaf

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Re: RBI to issue New 200 Rupees
« Reply #36 on: September 03, 2017, 11:25:50 AM »
Remember that India doesn't publish mintage figures either.

My best guess is that the attitude is a tradition, harking back to the cold war. You will find few or no mintage figures from former Comecon countries either. The state of the economy was a state secret, which was nice for those making a living figuring it out anyhow. Today, the attitude is even less relevant, or rather, it serves absolutely no purpose whatsoever at all. The share of cash in the money supply is so small that mintage or amounts of banknotes printed tell you nothing. A Central bank balance sheet is far more important.

Possibly, the corruption issue has muddled minds even more, but not giving away designs does nothing in that fight either and delays acceptance.

FWIW, the best way of ensuring the (prime) minister reads what you want him to read is not to stamp it SECRET (that's actually counterproductive), but to leak it to the (prime) minister's favourite newspaper. ;)

Peter
« Last Edit: January 04, 2018, 10:46:58 AM by Figleaf »
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline dheer

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Re: RBI to issue New 200 Rupees
« Reply #37 on: September 04, 2017, 05:08:13 AM »
It is on coins that mintage is not published. However on currency notes; the mintage is known and so is circulation notes.
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Offline dsuramou

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Re: RBI to issue New 200 Rupees
« Reply #38 on: September 06, 2017, 08:48:23 AM »
Deepak

Offline Bimat

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RBI to issue New 200 Rupees
« Reply #39 on: January 04, 2018, 07:18:53 AM »
RBI has now asked banks to re-calibrate the ATMs again to accommodate the new ₹200 notes. This exercise is expected to cost around ₹1000 crores (₹10000 millions) to banks, which are not really willing to do...

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