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.
Fake Rs. 200 notes being circulated in Jammu
Have 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.
While we wait
Rs. 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.
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Dispensing 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.