The Reserve Bank of India is all set to bring new Rs 100 notes with printing of the new currency denomination notes set to begin in April next year, a media report said, citing officials.
The bank notes of Rs 100 denomination will be withdrawn from the system gradually, without causing any disruption, a Mint report said citing a government official who did not wish to be named.
According to Mint, RBI will start printing new Rs 100 notes in April, central bank’s printing presses are done with new Rs 200 notes by March. The old Rs 100 notes will be withdrawn gradually.
The exercise is unlikely to see any changes in dimensions in the Rs 100 note, considering the trouble that the RBI and banks had to go through to recalibrate ATMs for the new Rs 500 and Rs 2,000 notes.
The redesigning of the notes is being done to curb circulation of fake currency, the Mint report cited two officials of RBI as saying.
The development marks the fourth revamp of currency notes since the government’s shock decision to demonetise Rs 500 and Rs 1,000 notes, wiping off 86 per cent of the currency in circulation.
The three changes made earlier include the introduction of the new Rs 2,000 note, the revamped Rs 500 note and the new Rs 200 note introduced by the RBI in August this year.
The RBI, while introducing the Rs 200 note had pointed to the need to introduce the missing denomination of Rs 200 to make the present currency system more efficient. This, it said, was required to "achieve the optimal system of currency that would minimise the number of denominations while increasing the probability of proffering exact change, especially at the lower end of denominations".
“Provision of the new denomination, therefore, would facilitate exchange, particularly for the common man who deals with denominations at the lower end,” it added.
