RBI to start printing new Rs 100 in April, current notes to be withdrawn gradually without disruption
The
Reserve Bank of India will start printing new Rs 100 notes in April and the
existing notes will be withdrawn from the market gradually without causing any
disruption, according to a report in the Mint.
The printing of new notes with the
same dimensions as the current ones will start once the printing of Rs 200
notes is completed by March, the report said citing two officials with the
central bank.
The dimensions are kept same as the
current notes in order to ensure that the ATMs need not be recalibrated after
the introduction of new notes.
The redesigning of the notes is being done to curb
circulation of fake currency, the report said.
Ever since the demonetisation of Rs 500 and Rs
1,000 on 8 November 2016, the government has introduced two new denominations
of Rs 200 and Rs 2,000 and also introduced new Rs 50.
The stated objectives of the demonetisation
exercise were curbing black money, corruption and terror funding. Later on
digitisation was added as another aim.
The move had sucked out as much as 86 percent of
the currency in circulation, severely disrupting the economy. Many jobs in the
informal sector have been lost and the slowdown in GDP to 5.7 percent in
April-June has been partly blamed on the move.
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