Economy

RBI to print new Rs 100 notes to boost lower denomination supply

RBI to print new Rs 100 notes to boost lower denomination supply”

It was also revealed the size and dimensions of the new Rs 100 notes will not be touched which means banks will not require to recalibrate ATMs outside their branches.

The Reserve Bank of India has announced that it will soon put an end to Rs 100 denomination notes now floating in the market (that comes with large identification features).

RBI launched the bright yellow Rs 200 notes in August.

It is expected that within few months of time the public at large will start getting these new Rs 200 notes. Out of the four cassettes, only one is used for dispensing Rs 100 notes in ATMs. The printing of Rs 200 note will reach its completion by the end of March 2017, the HT report added. At that time, the two bank notes together accounted for 86 per cent of the total currency that was in circulation.

The move was taken to flush out black money and redesigning of the existing notes is also aimed at the same. The printing of new Rs 200 notes has already been started by the apex bank, as part of its larger remonetization exercise.

There will no adjustment in the size and dimensions of the new notes to ensure that it is compatible with the automatic-teller machines (ATMs).

Some banks have even instructed the ATMs to check for the recalibration of the machines to begin testing the Rs 200 notes.

Following the demonetisation of Rs 1,000 and Rs 500 notes last November, the central bank had introduced Rs 2,000 notes and new Rs 500 notes.

These notes are available only through "select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually", the RBI said in a release.



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