(ET)
Reserve Bank of India appears to be giving highest emphasis on how to avoid the possibility of an illegal trade of currency notes as it prepares to introduce Rs 200 denominated bank notes for the first time in history.
RBI is likely to put the proposed Rs 200 bank notes in circulation by the end of August or in the first week of September, according to people in the know. Most importantly, it is taking all steps to stop black marketing and is building a stack of about 50 crore notenotes of the new denomination to start with so there is no scarcity or possibility of illegal trade, sources said. “There is no other denomination available between Rs 100 and Rs 500 and RBI is expecting Rs 200 notes to become very popular and that’s why it is taking every step to ensure availability of it,” the source said.
