2017-04-19 Wed

RBI officials revealed that new Rs 200 notes might be printed after the government’s official approval in June. This is a move by the Government to maintain the right mix of currency notes. Rs 500 and Rs 1,000 currency notes were banned in November 2016, which made up of 86% of currency in circulation.

New Rs 2,000 and redesigned Rs 500 banknotes were released to make up for 27% off pre-demonetization levels. Digital payment is being encouraged and currency in circulation may not be as high as before. Cash withdrawal caps were removed from ATM operators on 13th March but there was a demand for lower denomination notes.

There are no reports about the amount of old currency notes that the Government received from the public. The deadline for Indians residing outside the country to exchange old notes has also ended.