The Reserve Bank of India (RBI) will issue bright yellow-coloured Rs 200 denomination banknotes on August 25, the central bank today said.

In a notification, the banking regulator said, new Rs 200 notes will be issued “in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R Patel, Governor, Reserve Bank of India from select RBI offices, and some banks”.

The new denomination has Motif of Sanchi Stupa (from Madhya Pradesh) on the reverse, depicting the country’s cultural heritage. “The base colour of the note is Bright Yellow,” RBI said on its website.

Post demonetisation in November 2016, RBI had introduced new Rs 500 notes and for the first time Rs 2,000 denomination notes. Reports have suggested that Rs 2000 notes will be gradually phased out.

Initially, the new Rs 200 note will not be available at ATM kiosks. Disbursing the note through ATMs will need recalibration. The notes, thus, will be disbursed through bank branches across the country, just like the Rs 10, Rs 20, Rs 50 and coins of other denominations.

Moreover, RBI said that to achieve the optimal system of currency that would minimize the number of denominations while increasing the probability of proffering exact change,  especially at the lower end of denominations, there is a logical need to introduce the missing denomination of Rs 200, which will make the present currency system more efficient. Provision of the new denomination, therefore, would facilitate exchange, particularly for the common man who deals with denominations at the lower end, it added.

source: moneycontrol.com