While most of us have had a love and hate relationship with the changing face of currency notes in the country, the Reserve Bank of India (RBI) is gearing up for yet another move.
After demonetisation of old Rs 500 and Rs 1000 notes and introduction of new denominations like the much-debated pink Rs 2000 and orange Rs 200 notes, the RBI may start printing all-new Rs 100 notes by April 2018, two central bank officials told Mint.
The officials expressed that the size and dimensions of the new Rs 100 notes will remain unchanged to avoid dispensing issues at automatic-teller machines (ATMs).
The printing of the notes is said to begin after all Rs 200 notes are pressed by the Central Bank by the end of this financial year in March 2018. This will call for the existing Rs 100 notes to be withdrawn gradually by the next financial year.
The rationale behind the constant redesigning of the notes is to help eliminate circulation of fake notes and add security features.
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The report also mentions that it might take ATMs another six months to start dispensing the new Rs 200 notes. The further printing of these notes will depend on factors like demand and feedback received from selective bank branches that have started dispensing the new notes.
Till date, the list of redesigned notes apart from the introduction of newer denominations include Rs 500 and Rs. 50 notes.