Demonetization of Rs 500 and Rs 1000 notes was the biggest buzz in Indian political and news arena. The goal of the Indian government was to remove all the fake currency from the market, corruption, and funding of the terrorist activities. This was a very big decision taken by the Modi government.
This had a big impact on the Indian market and the citizens. People stood in long lines to draw their money and all the bank employees overworked so that all the individuals may take a sigh of relief. It was a step to promote the “cashless economy”.
The government introduced the technologically advanced currency notes of denomination Rs 500 and Rs 2000 in limited numbers from November 10. Now the RBI is set to introduce Rs 200 notes. This decision was taken by RBI in consultation with the Finance Ministry. The orders have been already places for the new bills to be printed.
This new Rs 200 notes will carry advanced security features. Extra precautions are being taken by the authorities to prevent counterfeiting. These notes also have gone through different levels of security and quality checks at the government’s press unit at Hoshangabad (Madhya Pradesh).
Soumya Kanti Ghosh, the group chief economist at the SBI Group in a statement said that the introduction of these notes will ease the day-to-day transaction purposes. She also added that the introduction of 200 rupee notes will replenish the missing middle, triggered by the withdrawal of the old series of 500 rupee notes.
The Modi-led government had also proposed the idea of introducing a new Rs 1000 note post-demonetization but there have been no talks about it yet.
However, this move of demonetization has certainly bridged the gap between the haves and the haves not. There were certain difficulties for a couple of months but this inconvenience was temporary and for short term.
It is for sure that with the introduction of the new Rs 200 denomination notes, our day to day transactions will become much easier.