The Ministry of Finance on Wednesday in an official notification clarified the introduction of denomination of new currency notes worth Rs. 200, citing the provisions vested under Sub-section (1) of Section 24 of the Reserve Bank of India (RBI) Act, 1934.
"In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendations of the Central Board of Directors of the RBI, the Central Government hereby specifies the denomination of bank notes of the value of two hundred rupees," the notification read.
While reports suggest that the new Rs. 200 currency notes will be rolled out in September, no official confirmation has been published.
Reports of the possible introduction of lower denomination notes have surfaced time and again since the demonetisation drive was rolled out on November 8 last year, which lead to a ban on the circulation of currency notes worth Rs. 500 and Rs. 1000.
Subsequently, the RBI introduced a new series of notes worth Rs. 500, and went on to introducing Rs. 2,000 notes.
In its latest addition, the RBI also unveiled a new series of Rs. 50 currency notes.