President & Group Managing Director: Dr.Shelly Ahmed | Editor in Chief & Group CEO: M H Ahssan

Thursday, April 06, 2017

Will the Rs 200 note save the nation?

As of now just a speculation, its production might begin after June this year.

According to a report in Mint , there is sufficient reason to believe that the government is ushering in a Rs 200 note. The decision, according to the report, was taken at the RBI board meeting in March, claimed two sources inside the RBI who refused to be named citing a lack of authorisation.

The report further states that the process of printing the new Rs 200 notes is likely to begin after June, once the government officially approves the new denomination. According to a report in MoneyControl , sources have said that the new notes will come with additional security features, to check counterfeiting. They also added that for better security, the central bank has also proposed changing features of all notes every three to four years.

According to an India Today  report, a source said, Rs 200 currency note is in the pipeline. But, unless it is notified by the central government, making a dye (block), working on security features and printing process of Rs 200 would not take place. So this time, RBI would implement its plan only after the Centre's notification. Like Rs 10, Rs 20, Rs 50 and Rs 100, the RBI is planning to bring, Rs 100, Rs 200, Rs 500 and Rs 1000 in future.”

But regardless of what sources have said, there is no official confirmation, as of yet. In fact, the RBI communications department said, As of now, it is a speculative information. Thus, it would be difficult for us to make any statement on it.
But official confirmation or not, a new denomination, that too of relatively low value, is welcome news. The missing link between The Rs 100 note and the Rs 500 note, a currency note worth Rs 200 is likely to makes things easier for people struggling to get change. It is a move that is also likely to ease the cash crunch that we are still dealing with post demonetisation, where the Narendra Modi led government banded the usage of Rs 500 and Rs 1,000 notes, effectively rendering 86 per cent  of the Indian currency – amounting to an astounding Rs 14 lakh crore approximately – useless.
This, in light of recent rumours of the Rs 2,000 note being phased out is quite the surprising move. According to a  report   in  The Statesman , “The central government is preparing to gradually phase out the new Rs 2,000 note. The government is also preparing to bring in laws to take penal action against hoarders of the new Rs 2,000 note, according to people in the know of the development.”
According to the report, the idea behind introduction of the high denomination Rs 2,000 currency was to quickly remonetise the economy. Once the cash vaccum, that demonetisation had created, is filled, the requirement for a currency of that high a value will no longer make much sense.
Real or not, the Rs 200 notes should be something more evolved than regular currency. After all, why introduce an all new denomination if it serves no higher purpose. Easing the cash crunch and things like that are not reasons that motivate the current government. After all, they want the nation to fly into the digital age of anti-Romeo squads and cow vigilantism. Petty things like easily usable currency, especially for the lower-middleclass and the lower class is not anywhere in the agenda.
Thus, we propose to the government five features that this note needs to have before they finalise on it:
1) The note cannot be used by meat vendors without licences. The note should be able to detect if the vendors have proper documentation. Additionally, the note should inform authorities if they don’t. The GPS technology from the Rs 2,000 note should be carried forward.
2) Now that black money has been gotten rid of, the government should focus on using science to restore culture. Hence, the new Rs 200 notes should automatically notify the police is they are held by a couple holding hands in public.
Additionally, the note cannot be used by couples unless they prove to it that they are either related or are, at least, engaged. Users are advised to keep copy of marriage certificate handy.
3) It should be made mandatory for the users of the new currency note to be registered under Aadhaar. The note should have technology that scans our fingerprints the moment we touch it, and subsequently transfer it to the UIDAI for verification. Consumers without an Aadhaar card will be denied their lunch.
4) The new currency should, without fail, have technology that detects antinational intentions. The note should come with a social media tracker that goes through ones Twitter and Facebook accounts to see if they tend to lean towards ideologies that are likely to break our nation – such as liberalism or socialism or just plain rationality.
5) The new Rs 200 note should also include technology that sends regular updates on your personal details to a private body. This function should be temporary one, to be in place only till everyone is enrolled under Aadhaar. The function will be disabled once that is done, after all, redundant measures will be the end of us.
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