Rs 200 note to end exchange woes, ATMs need to be reset

MUMBAI: The Rs 200 note will be available in phases as ATMs will need to be recalibrated to dispense the new note. RBI on Thursday said maths behind introduction of the new note guarantee that getting change for large denomination notes will become much easier.

RBI said the new bright yellow coloured bills provide the missing link in the Renard Series among various currency note denominations. Renard series is a system of preferred numbers proposed by French army engineer Charles Renard. The series, which has application in industry and design, has been found to be useful in determining currency note denominations.

Many countries use a variation of the Renard Series where the next number is twice or two and half times the earlier number. The advantage is that banknote can be changed using very few pieces of currency. "Such a ratio allows exchange of value ordinarily in a maximum of three denominations.

In India, we have currency denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 2000. As such, in the lower end of the denomination series, 200 is the missing one," said RBI in a statement issued here.