India

Rs. 200 notes still scarce, but fake ones are out

09 Dec 2017 | By NewsBytes Desk
Fake Rs. 200 notes being circulated in Jammu

Though RBI introduced Rs. 200 notes in August, they are rarely in circulation. While many are yet to get their hands on the new banknote, fakes ones have already surfaced in Jammu.

Jammu police have arrested a man caught in possession of Rs. 6.36lakh worth counterfeit currency, comprising 270 fake Rs. 200 notes, 1,150 Rs. 500 ones, and 19 Rs. 50 notes.

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In context: Fake Rs. 200 notes being circulated in Jammu

09 Dec 2017Rs. 200 notes still scarce, but fake ones are out

ArrestHave arrested main accused Showkat Ahmed: SSP

The arrested man, Showkat Ahmed, had been printing fake currency notes at his rented residence in Sidhra (Jammu outskirts).

SSP Reasi district, Tahir Sajad Bhat, said they had registered an FIR on 1 December after a man named Mohammed Maqbool was caught using fake notes in Reasi.

A special investigation team worked on the case; they have now arrested the mastermind, Ahmed, in Jammu.

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Rs. 200 note still not easily available

While we waitRs. 200 note still not easily available

In a bid to meet the demand for lower denomination currency notes, RBI launched the Rs. 200 note; however, its availability is an issue.

As of now, the new banknotes are available only at select banks and RBI offices.

The central bank, however, said that the production of Rs. 200 notes was being ramped up, and their supply would soon increase.

SituationDispensing new notes from ATMs would take longer

Recently, RBI stated that as more Rs. 200 notes are printed, they would be distributed across India through banking channels while being available in adequate quantities.

RBI said, "Provision of the new denomination, therefore, would facilitate exchange, particularly for the common man who deals with denominations at the lower end."

But it may take longer for dispensing Rs. 200 from ATMs.