RBI to issue Two Hundred-Rupee notes in bright yellow tomorrow

"The Reserve Bank of India will issue rs 200 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India from select RBI offices, and some banks, " RBI said on its website.

"The new denomination has Motif of Sanchi Stupa (from Madhya Pradesh) on the reverse, depicting the country’s cultural heritage. The base colour of the note is Bright Yellow,” it said.

The RBI said the notes are being issued to help ease the transaction of money.

“Introduction of a new currency denomination and design is done keeping in consideration various factors like ease of transactions for the common man, replacement of soiled banknotes, inflation and the need for combating counterfeiting," it said.

Earlier media reports had said that  the notes are likely to be put in the circulation by September.

Currently, there is no denomination between Rs 100 and Rs 500, and the introduction of 200-rupee notes is likely to make transactions easier.

On  August 18, the Reserve Bank of India (RBI) had  issued a notification stating that the central bank would soon issue Rs 50 denomination banknotes with a portrait of Mahatma Gandhi in the front and a motif of Hampi chariot at the back.

However, the current Rs 50 notes would continue to be legal tender, the RBI added.

With fluorescent blue as its base colour, the new notes will bear the picture of the iconic stone chariot at Hampi, Karnataka, on the reverse of it.