Printing of new Rs 100 notes to begin in April
The Reserve Bank of India (RBI) is expected to start printing new Rs 100 notes around April next year after the central bank’s printing presses are done with new Rs 200 notes by March.
Prior to the introduction on the new notes, India has currency denominations of Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2000.
The existing Rs 100 notes will be withdrawn gradually without any disruption, a government official said, requesting anonymity.
The size and dimensions of the new Rs 100 notes will be similar to the old notes so that automatic-teller machines (ATMs) can dispense the new notes without any alterations to the ATMs.
Why there is need to change currency?
Redesigning currency notes from time to time help in eliminating circulation of fake notes.
India banned the old Rs 500 notes and Rs 1000 notes as part of a demonetisation exercise in November 2016. The two notes together accounted for 86% of the currency in circulation at the time.