Coming Soon, Rs 200 Note With New Security Feature: Report

New Delhi: Rs 200 notes will soon debut in India to help fill the vast demand for cash after demonetization. The move has been cleared by the Finance Ministry and the design has reportedly been approved by the Prime Minister's Office.

Finance Ministry sources say the new notes, which are being printed at a government press in Mysuru, will help liquidity.

There is nothing official on its design though images are already in circulation on social media.

The Reserve Bank of India (RBI) reportedly decided to bring in 200-rupee notes in March, after consulting with the Finance Ministry. The notes are going through multiple checks for security and quality at the printing press.

This is the fourth new note to be announced since November, when Prime Minister Narendra Modi announced an overnight ban on Rs 1,000 and Rs 500 notes, wiping out over 85 per cent of the cash in circulation.

The move aimed at choking tax evaders had people scrambling to return their banned cash and draw new notes from banks and ATMs. Days later, new Rs 2,000 and Rs 500 notes were introduced to ease the cash crunch faced by millions across the country.

On a petition, the Supreme Court today asked the government if people who couldn't return their old money within the December deadline for genuine reasons can be given another chance. "If you don't (give them a window) then it is a serious issue," Chief Justice of India JS Khehar told the centre and RBI.

Experts say Rs 200 notes will significantly ease transactions. Many on social media joked about the latest note presaging another round of demonetization.

Recently, the government also decided to bring back the one rupee note after a 22-year gap.

The Re 1 note was discontinued in 1994. Rs. 2 and Rs. 5 notes were also pulled out to free printing facilities for higher denomination notes.

To match global standards, the security features of the new notes will be changed every few years, say officials.