RBI Board Clears Proposal to Introduce Rs 200 Notes (Download PDF)

()

Download PDF of This Page (Size: 195.09 K)

Reserve Bank of India is planning to introduce banknotes of Rs. 200 denomination. The decision was taken at the RBI board meeting held in Mumbai in March 2017. The RBI board has already cleared a proposal to introduce Rs. 200 notes.

RBI Board clears proposal to introduce Rs 200 notes

RBI Board Clears Proposal to Introduce Rs. 200 Notes

RBI Board clears proposal to introduce Rs. 200 notes

Highlights:

  • RBI had announced the withdrawal of Rs. 500 and Rs. 1, 000 currency notes, amounting to around 86 % of currency in circulation of Rs. 17.9 trillion.
  • It has replaced these denominations with the new Rs. 2, 000 and redesigned Rs. 500 bank notes.
  • The report cited a person aware of the development saying that the process of printing the new Rs. 200 notes.
  • The government finally approves this new denomination.
  • The government has planned to change security features of higher denomination banknotes Rs. 2, 000 and Rs. 500 every 3 - 4 years in accordance with global standards.
  • 25 per cent of the cash is yet to return into circulation.
  • The government has set its digital agenda and would be looking to keep the levels, despite the deficit.
  • The proposal for Rs. 200 note was approved by a 14-member board of the RBI last month.
  • If introduced, Rs. 200 will be the second new denomination to be introduced after the Rs. 2, 000 notes.

Structure of RBI:

  • The Central Board of Directors is the main committee of the Central Bank.
  • The bank is headed by the Governor and the post is currently held by economist Urjit Patel.
  • Two of the four Deputy Governors are traditionally from RBI ranks and are selected from the Bank’s Executive Directors.
  • RBI wants to create a post of Chief Operating Officer and reallocate work between the five of them (4 Deputy Governor and COO).

RBI Main Functions:

Image of RBI Main functions

Image of RBI Main Functions

Image of RBI Main functions

- Published/Last Modified on: April 9, 2017

Policy-Governance

Monthy-updated, fully-solved, large current affairs-2018 question bank(more than 2000 problems): Quickly cover most-important current-affairs questions with pointwise explanations especially designed for IAS, CBSE-NET, Bank-PO and other competetive exams.