Reserve Bank of India (RBI) has cleared a proposal to introduce notes of Rs 200
The Country’s supreme banking authority, the Reserve Bank of India (RBI), has cleared a proposal to introduce new currency notes of Rs 200 denomination, according to a report by LiveMint.
The decision was taken at the Reserve Bank Of India board meeting held in March, two officials of the RBI were quoted as saying in the news report. They didn’t want to be identified as they aren’t authorized to speak to the media.
The process of printing the new Rs 200 notes is likely to begin in June after the central government officially approves this new denomination note, said one of the two people cited earlier.
When contacted Reserve Bank Of India spokesperson declined to comment.
The move to introduce lower denomination notes comes against the backdrop of the Central government’s mov...