Tada! Here it is. The Reserved Bank of India (RBI) has launched those bright yellow Rs 200 currency notes which have been much talked about since November 2016. But, don’t expect ATMs to dispense these for at least another week, or even longer.
The newly denominated Rs 200 notes have entered India’s banking systems today, after official launch by the central Reserve Bank of India. Yes, the notes are yellow-orange in colour, just like what was shown yesterday – no change this time. New valued currency is introduced in India to ease out daily transactions of a common man to make cash currency system even more efficient. Rs 200 notes will also reduce the burden off the shoulders of Rs 100 notes which were majorly used in routine cash payments.
But to get your hands on one of those new notes, you will have to wait for another week at least because ATMs are not likely to dispense the new currency anytime earlier than that. Those new notes are available in RBI branches and banks, but since today is Ganesh Chaturthi and Samvatsari, banks will remain closed, so no chance of getting it today. So the first tranche of new notes will be available at banks but hey, hold on tiger, today is Ganesh Chaturthi and Samvatsari – so it is a bank holiday; tomorrow is the 4th Saturday – which is again a bank holiday; then comes Sunday; so see ya’ll on Monday.
For the ATMs, it will take a tad bit later because the banks will have to recalibrate all 200,000 ATMs in the country. A typical ATM dispenser has about 3-4 cassettes which hold, differentiate and deliver different denominations of currencies, so installing special ones for Rs 200 notes will take quite some time. Plus, the fact that officials responsible for making cassettes haven’t been provided with the new currency yet, to know the exact dimensions; so that one is kind of reasonable anyway. Once those cassettes will be ready, they will be installed in all two lakh machines, the bank will have to load them up with new notes and each ATM can hold up to 2500 notes – which means filling all machines will take a lot of time. This is likely to take more than a week, practically.
RBI also targets to replace these new notes with old soiled notes, so Rs 200 notes will be available for exchange at banks, sometime soon. And until we get ourselves one (or more) of those flashy bright yellow notes, we have Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2,000 currencies to splurge upon. So it is all just that anticipation for ‘new’, and we have waited a lot already; the notes will come to you sooner or later, anyway.