The board of the Reserve Bank of India (RBI) has cleared a proposal to introduce banknotes of Rs200 denomination, two people aware of the development said.
The decision was taken at the RBI board meeting in March, these people said. They didn’t want to be identified as they aren’t authorized to speak to the media.
The move comes against the backdrop of government’s aim to rework the Indian monetary system. An RBI spokesperson declined to comment.
Even though the RBI lifted all cash withdrawal caps from ATM and banks on March 13, 2017, operators say there is a dearth of lower denomination banknotes.
The RBI board has 14 members, including Urjit Patel, four deputy governors, Economic Affairs Secretary Shaktikanta Das.
"The process of printing the new Rs 200 notes is likely to begin after June, once the government officially approves this new denomination," Livemint.com reported quoting sources.
If announced Rs.200 will be the second new denomination after Rs.2000 was added recently this year.
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