Bangalore: After demonetisation in India, new currency notes for 2000 and 500 were released and are in use successfully. In order to compensate the shortfall of the low denomination currency, RBI had recently pumped-in 50 rupees notes in the market. After Rs. 50 notes, RBI has launched the new Rs. 200 notes for the citizens today. Although you may get to adorn your wallet with the new notes within the next few days as the ATM haven’t been calibrated to dispense it.
The basic features of the new Rs. 200 currency is already leaked and many have, already, had the glimpse of the new note via social media. Hence we bring you the 7 yet-not-heard facts about the new Rs. 200 notes
The Renard series:
The Rs 200 note was introduced as a near variation of Renard Series. In Renard series, Renard’s system of preferred numbers divides the interval from 1 to 10 into 5, 10, 20, or 40 steps. The factor between two consecutive numbers in a Renard series is approximately constant (before rounding), namely the 5th, 10th, 20th or 40th root of 10. As per the Renard Method, the currency denomination must be in 1:2 and 1:2.5 ratio. This means that a denomination should be twice its preceding denomination.
The Reason for Introduction
Post demonetisation, there was a shortfall in the low denomination currencies in the market. The shortfall was felt because of the high value of the newly introduced 2000 rupees notes in spite of the existence of 10, 20, 50 and 100 rupees notes. To overcome this shortage, the new Rs. 200 notes are launched.
In order to assist the visually impaired to identify the note, Braille feature by Intaglio has been kept in the new Rs. 200 notes. The feature has been kept in raising the Mahatma Gandhi portrait and Ashoka Pillar emblem.
The new 200 rupees note is called as the “missing middle” because in the pre-demonetisation period, 87 per cent of the currency in circulation constituted of high denomination notes. As an impact of PM Modi’s “masterstroke” against black money, high value Currency In Circulation (CIC) currently stands at around 70 per cent. The presently available Rs. 1, 2, 5, 10, 20, 50, 100, 500 and 2000 notes show the missing of only Rs. 200 notes which will now be filled with its launch, as per RBI. And this is the right time to introduce this missing low denomination currency to maintain the percentage of high denomination currencies.
The new Rs 200 note that will be issued from “select RBI offices, and some banks” from Friday, will not be available at ATMs (Automated Teller Machines) right away. The machines would need recalibration before they can disburse the new currency as the length of the new 200 currency is different from the existing currency in circulation (100,500,2000).
An ATM machine typically holds 10,000 bills and if these were to comprise only notes of Rs. 100, the number and cost of replenishment goes up significantly. On the contrary, if it comprise only of 2000 notes, that particular ATM may find few takers. Hence, the introduction of 200 rupees note is a big relief to common men.
The size of the new Rs. 200 notes is 66mm x 146mm. The Rs. 200 notes have a motif of the Sanchi Stupa monument This depicts India’s cultural heritage, besides the Ashoka Pillar emblem. The notes also have a portrait of Mahatma Gandhi at the centre with Rs. 200 inscribed. The Rs. 200 is inked using a color changing ink. There is a security thread with inscriptions ‘Bharat’ and RBI. The thread changes its color from Green to Blue if tilted which will help in the proper identification of the original notes. Prime Minister Narendra Modi’s ‘Swachh Bharat’ hasn’t been missed while designing the new Rs. 200 notes. The ‘Swachh Bharat’ logo can be seen in the Rs. 200 notes. Taking the Mahatma Gandhi series ahead, it also bears Governor of the RBI, Urjit Patel’s signature.