Reserve Bank of India (RBI) is all set to roll out for the first time ever, INR 200 notes in order to curb the illegal trade of currency in the country.
The Reserve Bank has also introduced a new fluorescent blue INR 50 banknotes bearing the motif of 'Hampi with Chariot' that depicts India's cultural heritage and was circulating on social media last week.
In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two hundred rupees," the Finance Ministry issued a notification in the Gazette of India.
According to reports, INR 200 notes are expected to be in circulation by September. The government has also confirmed a new INR 50 note. The earlier INR 50 notes will continue to remain legal tender.
Finance minister Arun Jaitley on Wednesday said the government is not considering a ban on INR 2000 notes.
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