RBI to print new Rs. 100 notes from April 2018
What's the story
After redesigning the Rs. 500 notes, the Reserve Bank of India will soon introduce new Rs. 100 currency notes. RBI will reportedly start the printing process around April 2018, after it is done printing the new Rs. 200 bank notes. The existing Rs. 100 notes will remain valid even after the new ones come into circulation. They will be withdrawn gradually.
Provisions
Introduction of new Rs. 100 note won't disrupt cash flow
RBI seems to have taken a cue from the demonetization fiasco. It won't alter the dimensions and size of the new banknotes, making the ATMs compatible with the new notes from the beginning. In December'16, RBI declared it would redesign all currency notes. Since then it has changed Rs. 500 and Rs 50 notes, and introduced new denominations of Rs. 200 and Rs. 2,000.
Do you know?
Centre to also issue Rs. 100 coin to commemorate MGR
The finance ministry announced last month that coins of denominations Rs. 100 and Rs. 5 will soon be issued to commemorate the birth centenary of former Tamil Nadu CM MG Ramachandran. The coins will have his portrait and the inscription 'DR MG Ramachandran Birth Centenary.'
Measures
Why do countries redesign currency notes?
Nations redesign currency notes to cut down on hoarding, corruption and identify tax offenders. In a landmark attempt to assess black money, India banned its Rs. 500 and Rs. 1,000 bank notes (86% of the currency in circulation at the time) in November 2017. According to RBI, about 99% of the demonetized Rs. 1000 currency notes had returned to banks before November 8.