RBI to introduced redesigned, new INR 100 notes in April 2018
Posted on: 04/Oct/2017 12:51:09 PM
Following the move by Reserve Bank of India to replace the old INR 500 notes and introducing INR 200 notes, it is now the turn to redesign the existing INR 100 currency notes. In April 2018, the printing works are likely to begin, say reports.
The size and dimensions of these INR 100 notes shall continue to be the same so that they are compatible in the existing automatic teller machines. RBI officials announced that these INR 100 notes shall get redesigned. In phases, the existing INR 100 notes shall be withdrawn from the system.
During last November, the old INR 500 and INR 1000 bank notes were demonetized, as an initiative for curbing black money. This accounted to about 86 percent of the total currency circulation in the country. Following this, the government had come up with INR 2000 notes.
Once the bank completes works to start circulating INR 200 notes in the system, the printing of INR 100 notes shall begin. It may take about six more months for this to begin, say reports.
Recently, the INR 200 notes were introduced amidst demand among people for lower denomination currencies, as they expressed disinterest in using INR 2000 currency note for the reason being of too high denomination note.
In August this year, the INR 200 notes were launched by the RBI. In an RBI statement, it is said that this introduction aims at achieving optimal system of currency which can be of reduced denomination. It can also surge the chances of obtaining exact change, particularly in lower end denominations. Hence, logically, there is a need for introducing INR 200 notes where there is a void in lower denomination notes so as to make the existing currency system better and streamlined.
