Rs 2000, Rs 500 now Rs 200 notes? Sources say RBI clears proposal
After the introduction of Rs 2000 notes and new Rs 500 notes the Reserve bank of India has now cleared the proposal of Rs 200 notes, a report by Live Mint said on Tuesday.
The board of directors at RBI cleared the proposal in March for the new notes to hit the mint from June this year, the report added.
Government security agencies raised concerns over security features of rupee notes that had not been changed from 2005.
These features include water marks, security thread, fibre and latent image which have remained the same for the new Rs 2,000 and Rs 500 notes as well.
With the increasing cases of note fraud the government said they would change the security features of the Indian National Rupee notes once every three to four years.
From November 9, 2016, to March 7, 2017 3,346 pieces of fake Rs 2,000 notes had been recovered, Home Ministry said in a reply to Lok Sabha questions.
After demonetisation of Rs 1000 and Rs 500 notes fiasco when 86% of currency was wiped out from circulation the RBI in March 2017 finally removed all impending caps on withdrawal limit and limiting cash transactions to Rs 2 lakh from the Rs 3 lakh proposed in the Budget.
However RBI said that there is a scarcity of lower denomination notes currently.