On November 8, 2016, an address by Prime Minister Narendra Modi left the entire nation in shock. It was the announcement of demonetisation of Rs 500 and Rs 1000 that took the people of India by surprise. And now, the apex bank RBI has come up with something new. Guess what?
Well, they are now planning a similar surprise for the nation. If reports are to be believed, RBI has cleared the proposal of introducing new notes of Rs 200 after they demonetised the old notes of Rs 500 and Rs 1000. The decision was reportedly taken in a board meeting in March.
A report by Hindustan Times said that two people, who wished to remain anonymous, confirmed the news. However, there has been no official confirmation yet. The printing might start after the month of June once it is approved by the government.
The report said that currency in circulation as of March 24 was Rs 13.2 trillion, which is still 27% off pre-demonetisation levels. The government has been encouraging digital payments and may not increase the circulation of money. But, they might have to increase it a little bit as there are many ATMs in the country which are still running dry even after five months of demonetisation.