560) Introduction of a Rs.200/- Banknote denomination by Reserve Bank of India wef 25.08.2017: Reasons for introduction, Necessity & convenience to Users

560) Introduction of a Rs.200/- Banknote denomination by Reserve Bank of India wef 25.08.2017: Reasons for introduction, Necessity & convenience to Users:

Links to other posts on Indian Currency denominations on this blog: 1) Introduction of the new Rs.2000/- denomination in Indian Currency circulation wef 10.11.2016  2) Classification and Valuation of Rs.1000/- denomination Banknotes   3) Classification and Valuation of Rs.500/- Banknotes   4)Classification and Valuation of Rs.100/- Notes 5) Classification and Valuation of Rs.50/- Notes  6) Classification and Valuation of Rs.20/- Notes  7) Classification and Valuation of Rs.10/- Notes  8) Classification and Valuation of Rs.5/- Notes  9) Evolution and Valuation of one Rupee Banknotes in India 10) Did-you-know-series-1: Assists for identification of Currency Notes by visually challenged users  11) Did-you-know-series-2-what-is-design-or focus of the picture at the back of circulating Currency Notes in India?  12) Are you carrying a Fake Rs.500/- Banknote in your purse/wallet?: A comprehensive study  13) Introduction of a Rs.200/- Banknote wef 25.08.2017: Reasons for introduction, Necessity & convenience to Users The Reserve Bank of India will be issuing ₹ 200 denomination banknotes for general circulation 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 on August 25, 2017 . The Press Notification has been issued vide RBI communication No. 2017-2018/529 dated 24.08.2017. The new denomination has the Motif of Sanchi Stupa on the Back, depicting the country’s cultural heritage. The base colour of the note is Bright Yellow. The note has other designs, geometric patterns aligning with the overall colour scheme, both on the Front and Back. The image and salient features of ₹ 200 denomination banknotes in the Mahatma Gandhi (New) Series are as under: I. Image: ii. Salient Features: On the Obverse (Front) of the Rs.200/- Banknote: 1. See through register with denominational numeral 200 2. Latent image with denominational numeral 200 3. Denominational numeral २०० in Devanagari script 4. Portrait of Mahatma Gandhi at the centre 5. Micro letters ‘RBI’, ‘भारत’, ‘India’ and ‘200’ 6. Windowed security thread with inscriptions ‘भारत’ and RBI with colour shift. Colour of the thread changes from green to blue when the note is tilted 7. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait 8. Denominational numeral with Rupee Symbol, ₹ 200 in colour changing ink (green to blue) on bottom right 9. Ashoka Pillar emblem on the right 10. Mahatma Gandhi portrait and electrotype (200) watermarks 11. Number panel with numerals growing from small to big on the top left side and bottom right side 12. For visually impaired persons/users: Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised Identification mark H with micro-text ₹ 200, four angular bleed lines with two circles in between the lines both on the right and left sides On the Reverse (Back) of the Rs.200/- Banknote: 13. Year of printing of the note on the left 14. Swachh Bharat logo with slogan 15. Language panel 16. Motif of Sanchi Stupa 17. Denominational numeral २०० in Devnagari Dimension 18. Dimension of the banknote will be 66 mm × 146 mm The necessity for  introducing a Rs.200/- denomination Banknote: Introduction of the new currency denomination of Rs.200/- and design was done by RBI, keeping in consideration various factors like ease of transactions for the users, replacement of soiled banknotes, inflation and the need for combating/preventing counterfeiting etc. Providing the Missing Link: The optimal system of denominations of currency (coins and notes) is one that would minimize the number of denominations and concurrently increase the probability of proffering exact change.  So, what should be the optimal mix of currency denominations? Many countries have opted to use a near variation of the Renard Series, i.e., 1:2 or 1:2.5 ratio between adjacent denominations of currency, which means that the denomination should be twice or two and half times of its preceding denomination. Such a ratio allows exchange of value ordinarily in a maximum of three denominations. In India, there are currency denominations of ₹ 1, 2, 5, 10, 20, 50, 100, 500 and 2000, presently in circulation. As such, in the lower end of the denomination series, ₹ 200 is the missing one. Ease of Facilitating Exchange: 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 ₹ 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. Posted on 25.08.2017: The Reserve Bank of India introduced the ₹ 200 denomination notes today. Introduction of this denomination is expected to facilitate exchange transactions for the common man and provide complete series of denomination for transactions at the lower end. These notes are available only through select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually. However, the production of these notes is being ramped up by the currency printing presses, and over time as more notes are printed, it will be distributed across the country through the banking channels and will be available for public in adequate quantity. Posted on 18.10.2017: Today, I got a surprise call from my friend Sanjeev Hukmani who shared that he had collected a "mint fresh" Rs.200/- Note for my collection. Within minutes of this call, his representative rang the call bell and handed me the Banknote. While, I had mentally reconciled to wait up till the next month to collect my first Rs.200/- Banknote (based on newspaper reports), Sanjeev's gesture came as a very pleasant surprise. Here is an image of the Banknote: The Front of the Rs.200/- Banknote issued with a "Plain Inset" bearing Serial No. "6BG 977530", exhibiting all the features described above. Notice the raised Identification mark H with micro-text ₹ 200 (on the right side) and four angular bleed lines with two circles in between the lines both on the right and left sides.  The Back of the Rs.200/- Banknote shows at left the year of issue as "2017" and an image of the Sanchi Stupa at right along with all the features enumerated above. Don't miss the "Eurion Constellation" white dots on both faces, which is an anti-copying feature continued from the previous issues as a security measure. Posted on 05.02.2018: Rahul Singhania has sent me an image of a Rs.200/- Banknote issued with an "E" Inset, which he has collected in general circulation from an ATM: The Front of this Rs.200/- Banknote issued with the Serial No. "6AG 219386" and an "E" Inset, exhibits all the features introduced in this newly circulated denomination. The Back of the above Banknote shows the year of issue as "2017" and bears an image of the Sanchi Stupa among other features which this denomination of Banknotes has got. Posted on 26.03.2018: I went on a tour of local ATMs in my locality to collect enough cash for stocking up for the Bank Annual Closing and holidays. Yesterday, a customer at a vegetable shop told me that the HDFC Bank was giving out Rs.200/- Banknotes "only", so I dashed off to the ATM, which was rather crowded and collected a few Rs.200/- Banknotes, but with Plain Insets, which I already have in my collection. Today, I found the HDFC Bank ATM was out of order, because of catering to the heavy rush of customers yesterday. Rather disappointed, I went to an ICICI Bank ATM and was rather surprised to see it dispensing Rs. 200/- Banknotes with an "L" Inset, along with completely worn out Rs.100/- Banknotes. I collected quite a few of the Rs.200/- Notes, one of which I am placing here to maintain continuity in my post: The Front of the Rs.200/- Banknote, issued with the Serial Number "7BR 090109" with an "L" Inset bearing the signature of Urjit R. Patel, present RBI Governor, exhibits all the features introduced in this newly circulated denomination The Back of the above Banknote shows the year of issue as "2017" and bears the image of the Sanchi Stupa among other features included in this denomination Posted on 16.08.2018: The State Bank of India ATM in our locality was giving out new Rs.200/- Banknotes issued in 2018 on Independence Day: An image of a Rs.200/- Banknote bearing the serial No. 8FL 228326 issued with an "E" Inset under the signature of present RBI Governor Dr. Urjit R. Patel in 2018 exhibits similar features as the newly introduced design in 2017 The Back of the above Banknote shows the year of issue as "2018" and bears the motif of the Sanchi Stupa among other features included in this denomination Posted on 09.09.2018: I collected the undernoted Rs.200/- Banknote from a vegetable vendor, a few days ago: This Banknote bears the Serial no.  "2DN 383942" and has been issued With an "R" Inset in 2018. It has been issued under the signature of the present RBI Governor Dr. Urjit R. Patel and exhibits all the design features as in the earlier issues of this denomination The Back of the above Banknote bears the year of issue as "2018" at centre left and the Sanchi Stupa among other features included in this denomination Posted on 29.08.2019: The following Banknote images have been sent to my by Zaheer Hasan, who an avid Banknote collector of Rs.200/- Banknotes in his collection, which have been issued in 2019 under the signatures of Shri Shaktikanta Das, present RBI Governor: This Banknote bears the Serial No. "4AM 946526" and has been issued with a "Plain Inset" under the signatures of Shri Shaktikanta Das, present RBI Governor and exhibits all the design elements as in the earlier issues in this denomination This Banknote has also been issued with an "R Inset" under the signatures of Shri Shaktikanta Das, present RBI Governor, but with a "*" in its Serial no. "5AF * 076455". The "*" Banknotes are issued in lieu of a misprinted Banknote. Misprinted Banknotes are replaced in the Packet with a second printed Banknote to complete the packet, but to keep track of such misprinted Banknotes, "Star" Series Banknotes are printed in non-serially numbered ordered packets, to keep trach of such misprints and to take/initiate remedial measures, if any. It is surprising that a Rs.200/- Banknote has been misprinted this early in its printing, considering that more care is taken in the early issues. The Backs of both these Banknotes bear the year of issue and the Sanchi Stupa among other features included in the design of this denomination Posted on 11.07.2021: After the Wuhan Virus pandemic struck, I have been making online payments and could not get new Banknotes. Nevertheless, I have managed to get a Rs.200/- Banknote issued in 2021: This Banknote bears the Serial No. "5BV 964401" and has been issued with an "E" Inset under the signatures of Shri Shaktikanta Das, present RBI Governor and exhibits all the design elements as in the earlier issues in this denomination The Back of the above Banknote bears the year of issue as "2021" at centre left and the Sanchi Stupa among other features included in this denomination Posted on 26.11.2021: Star Series Banknotes: Today, I was pleasantly surprised to collect a Rupees Two Hundred Banknote from a local ICICI Bank ATM, when I made a cash withdrawal. For  those who have not noticed a "*" Series Banknote before: Whenever defective notes are printed, particularly from Rs.10/- to Rs.500/- denominations, the Security Printing Presses have adopted a “Star” series numbering system for replacement of these defectively printed Notes. Another Banknote is printed as per usual procedure with the defective Note's Serial number and inserted in the original packet. A duplicate Banknote is printed exactly like the normally printed ones, but with an additional feature i.e. a "STAR" (*) is added in the serial number in the number panel - in the space between the prefix and the serial number. This is done to keep  the a record of misprinted notes and take corrective measures at the Currency printing Press to eliminate such errors in future. The main significance of these Banknotes, besides the "STAR" is that, although, these Notes would be issued in packets of 100 pieces each, these bank notes would not be serially numbered. To enable easy identification, the bands on these packets will clearly indicate that the packet contains "star-series" Banknotes. The notation on the band of such note packets normally is "contains non-serially numbered notes with "*" in the number panel, both in Hindi and English. The above is an image of a Two Hundred Rupee Banknote containing a "*" in the number panel, issued in 2020 with a "Plain Inset" bearing the Serial number 2FM*202443 and signed by the present RBI Governor - Shaktikanta Das. The Back of the above Banknote showing the year of issue as 2020 With this acquisition for my collection, I have so far collected the following denominations with the "*" Star Series in their number panel, from the present series of Banknotes in circulation - Rs.10, 50, 100, 200, 500). The only ones missing are Rs.20 and Rs.2,000. I may never collect a Rs.2,000 Star Series Banknote as these seem to have gone out of print, although as per the Renard progression/system, the Indian monetary system has been missing this denomination, with pressure being felt by the lower denominations.   s: