India's apex banking authority, the Reserve Bank of India, has cleared a proposal to introduce new currency notes of Rs 200, according to a report by LiveMint.
The proposal was cleared during a board meeting last month, two officials of the RBI were quoted as saying in the news report. The process of producing these new notes will most likely begin after June, once the government officially approves the proposal, the news report said.
Ever since Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 notes on November 8, 2016, there has been talks of a new denomination of currency possibly being introduced. Now it has been confirmed that a Rupees 200 denomination note, will indeed be introduced.
The government had introduced new Rs 2,000 and Rs 500 notes after the demonetisation but kept the old Rs 100 notes as legal tender.