Rupee Denominations of 2000 and 200 are Going to Control the Market!
So, false rumor about banning of 2000 note by the government is worrying you. And ‘When’ and ‘Why’ are the questions that are haunting you ! Questions about possible demonetization of this note was also raised by the opposition in the Parliament to the finance minister. Just thinking about wasting your precious time in that long queue again is giving you sleepless nights. You haven’t heard right. Relax! Rupee Denomination of 2000 will not be banned by the government. 2000 rupee notes are controlling the market and it will continue to do so !
No wonder the sudden demonetization of 500 and 1000 rupee notes in November 2016 had created extreme cash crunch for some time, triggering both positive and negative criticism against the government. Difficulties in transactions with the 2000 rupee note escalated during the first few months. Furthermore, lack of ample 100 and 500 rupee notes added fuel to the fire. Taking cognizance of this situation, the government has decided to introduce 200 rupee notes. It will be for the first time that notes of this denomination will be printed.
It is to be noted here that the central bank recently stopped printing new 2000 rupee denominations. And news about it hit the headlines, which resulted in spreading of false rumors regarding demonetization of these notes. It was decided earlier by the bank that once the purpose of remonetisation process was fulfilled, circulation of these notes would be restricted.
According to a statement by Santosh Kumar Gangwar, Minister of State for Finance, 200 Rupee Notes will be soon in circulation. This can happen within a month, corroborated by reports about The Reserve Bank of India having begun printing the new notes. Rupee denominations of 2000 and 200 will sort out the transaction difficulties to a great extent. Gangwar also confirmed that 2000 rupee notes won’t be scrapped.
According to news reports, Mysuru Paper Mill was ready with the paper for printing of 200 notes in the month of June. Do you know this paper mill is an associate concern of Bharatiya Reserve Bank Note Mudran, a RBI subsidiary that prints currency notes? The mill is also collaborated with public sector unit Security Printing and Minting Corp of India Ltd (SMPCIL).
The 200 rupee denomination is likely to come with advanced security features. New notes, before their release, undergo scores of checks at government printing presses for security and quality. The wait is thus justified. Instead of going by false rumors and giving a ‘thumbs up’ to un-authenticated images circulated on social media, wait for the issuance date notification by the RBI.
Rupee Denominations of 100, 200, 500, and 2000 will ease the daily transaction process dramatically. Introduction of the 200 rupee note will fill the big gap between 100 and 500 notes, thus improving the currency situation. According to a report, this large gap between these two denominations had resulted in inflation over the last few years.
Get ready to welcome the New 200 Rupee Notes in your wallet!