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Reserve Bank of India Launches Rs 200 Notes, Find Out Here

This will be the first time the country sees the Rs. 200 denomination

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Reserve Bank of India
The new Rs 200 note. Facebook
  • On Thursday, Reserve Bank of India announced that it will be issuing new Rs 200 notes on Aug 25
  • The notes will be available at banks and RBI offices initially but not in ATMs
  • The leaked images show the new note to be bright yellow in color

Delhi, August 26, 2017: The Reserve Bank of India has launched new notes of Rs 200 on Aug 25.

Chief Economic Advisor for the State Bank of India group, Soumya Kanti Ghosh, called the new notes a “missing middle.”

Also Read: Fears of Fake New Notes: Some Quick Ways to Identify Authenticity

This will be the first time the country sees the Rs. 200 denomination. This decision of the RBI comes as a solution to reduce the burden on Rs 100 notes and to face liquidity issues.

The note will come with a picture of the Father of the Nation, Mahatma Gandhi, and will bear the signature of RBI Governor, Dr. Urjit R. Patel.

Additionally, the Sanchi Stupa Motif is at the back side of the note. The color of the note is bright yellow. The new notes will measure 66 mm x 146 mm.

Initially, the new notes will not be available at the ATM Kiosks but can only be found at some banks and RBI offices.

When India demonetized in 2016, the response was the issue of new Rs 500 and Rs 2000 notes. Rs 100 note then follows.

People faced trouble when the Rs 2000 note had to be broken down. The issue of new Rs 200 notes seeks to solve this problem. It will also help the currency system become drastically more efficient. Smoother exchange of transactions will also be facilitated through this step.


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Top 5 Affordable Travel Destinations where Money will be the Last Thing on your Mind!

Indian currency seems weak when compared to international currencies. Hence, planning a trip to New York or California is not easy

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affordable travel destinations
Japan will have your heart at first sight! Pixabay

How many times has it happened that you longed for an exotic foreign trip, but gave up on the idea because of upsetting figures in your bank balance? Indian currency seems weak when compared to international currencies. Hence, planning a trip to New York or California is not easy; everybody knows these are expensive places and you will have to think twice before your NYC dreams come true.

But what if we tell you there are countries in the world that you can visit and gather equally thrilling and exotic experiences, at much lesser price?

Yes, there are countries that can be on your travel bucket list, where money will be the last thing you will worry about! These places are not only unique and undoubtedly beautiful, they are relatively cheap and our Indian currency will prove a stronger, higher currency when compared to their own currencies!

So, what are you waiting for? We bring you our top 5 picks for affordable travel destinations and you should get packing!

 1. SRI LANKA

1 INR (Indian Rupee) = 2.37 LKR (Sri Lankan Rupee)*

Sri Lanka is the first in our affordable travel destinations list!

affordable travel destinations
Sri Lankan beaches are a sight not to be missed. Pixabay

Despite being extremely small in size, Sri Lanka is a heavenly abode that makes it to the post of top five biodiversity hotspots in the world!

Dive in with the blue whales or watch spinner dolphins play against the setting sun! Go on a wildlife safari and spend days playing with elephants in the water.

affordable travel destinations
Elephant safari in Sri Lanka. Pixabay

Sri Lanka is a haven for back-packers, packed with Dutch architecture from the times of Sri Lanka colonialists, and exotic scenic locales, it is closer to home and yet, everything that any far-off international destination could possibly offer!

 

 2. JAPAN

1 INR (Indian Rupee) = 1.70 JPY (Japanese Yen)*

Cute buildings, cute people, cute food, and cute everything else! Second on our list of affordable travel destinations is Japan.

Food is an integral part of Japan, and something that the Japanese wholly embrace as a prime part of life.

Japan’s history is intrinsically linked to the Buddhist, Shinto, and Taoist faiths- the reason why a visit to Japan will be no less than a serene and tranquil experience.

affordable travel destinations
Japan will have your heart at first sight! Pixabay

Japan is categorically blessed with natural beauty with the country boasting of extremely rare and fascinating flora and fauna – experience the magnificence of Mt. Fuji in summer and spring, and visit the streets completely covered with cherry blossoms in March and April- Japan will present you with sights that will simply take your breath away!

 

 3. ICELAND

1 INR (Indian Rupee) = 1.66 ISK (Icelandic Króna)*

Iceland convincingly makes it to the third spot on our affordable travel destinations list. Iceland is situated just below the Arctic Circle, which means the country has 24-hour daylight from mid-May to late July. Isn’t that already stimulating?

And who hasn’t heard of Iceland’s famous northern lights? The county is undoubtedly one of the world’s best places to witness the magic of the northern lights or aurora borealis. The best time to witness the magic of these celestial marvels from September to mid-April.

affordable travel destinations
The northern lights, do they even look real? Pixabay

Iceland’s rich water supply is undoubtedly its most valuable natural resource. Why are we telling you about this? Iceland has natural pools that can be found all around the country, calmly seated in natural environment.

affordable travel destinations
Iceland has natural pools that make for magnificent sights! Pixabay

Fun fact : People of Iceland do not have surnames. They follow the traditional Nordic naming system in which a person’s name includes their father’s first name.

 

 4. HUNGARY

1 INR (Indian Rupee) = 4.00 HUF (Hungarian Forint)*

From its cosmopolitan cities to the charming countryside, Hungary will provide you with innumerable reasons to make a stop here. Nonetheless, it is going to be a decision you will not regret. From mouth-watering food to traditional folk culture, Hungary offers something for everybody, which is what brings the country on the fourth spot in our affordable travel destinations list.

Hungary’s countryside is filled with naturally magnificent sights- from natural landscapes in the Hortobagy National Park, to extravagant caves of Lillafured, your Hungarian vacation will be both peaceful and beautiful!

affordable travel destinations
Szechenyi Chain Bridge. Pixabay

Hungary will be the best option if you’re looking for an affordable vacation – with affordable food, drink, and many of the country’s attractions being totally free to visit such as the Chain Bridge)

 

5. VIETNAM

1 INR (Indian Rupee) = 353.78 VND (Vietnamese Dong)*

The last on the list of affordable travel destinations is Vietnam. With its fascinating history, succulent food, gorgeous beaches, old towns, islands and waters, Vietnam should definitely be on everybody’s bucket list.

affordable travel destinations
Sunrise at Vietnam is to die for! Pixabay

Street food is a trademark of Vietnam and you will find countless food stalls on street sides throughout your trip that you can gorge on! Vietnam will also not disappoint mountaineers, or adventure seekers- you can either rent a motorbike and drive to the scenic mountains in the north or along the length of the country from north to south – but beware, this thrilling ride is not for the faint-hearted.

Don’t forget to share with us if you do plan a trip to any of these places!

* Conversion rates are subject to change. 

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A Step Towards Digital India- Google Launches Digital Payment App ‘Tez’ in India

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Google launched Tez app
Google CEO Sundar Pichai. Wikimedia

New Delhi, Sep 20, 2017: A day after Google launched its new digital payment app “Tez” in India, the company’s Indian-born CEO Sundar Pichai on Tuesday tweeted it will help India move closer to digital transformation.

“We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia,” Pichai tweeted.

Finance Minister Arun Jaitley who launched the app here had said the idea of “Tez” was discussed by Pichai in January, just after demonetisation.

“Google saw a great potential in Indian economy and businesses,” Jaitley said, adding that Google’s new digital payments app over the next few months was likely to make major advances in digital transaction volumes.

Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts.

The app was built for India, working on the vast majority of the country’s smartphones and available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).

The app works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank and State Bank of India — to facilitate the processing of payments across over 50 UPI-enabled banks.

According to D D Mishra, Research Director, Gartner, Tez provides promising features which are in-line with the requirements.

Also Read: Google, Twitter enable advertisers to reach racists: Reports 

“It is too early to say whether it can be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of now,” Mishra said in a statement.

Moreover, Google’s information about an individual’s preferences can play a good role in enabling the business to know their preferences and provide offers with interesting options.

“The mobile wallet industry too is evolving and we are at an interesting stage in this competition. Eventually, UPI payments will have an upper hand if it continues to remain free and provide better security, convenience and add more Value Added Services,” Mishra informed. (IANS)

 

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New Rs 200 notes: It may take ATMs three months to dispense Rs 200

Will all the 2.25 lakh ATM machines across India would be recalibrated?

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Wait for 3 more months as ATM recalibration is not yet done
Wait for 3 more months as ATM recalibration is not yet done. Wikimeida
  • Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up
  • The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent
  • The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon
New Delhi, September 4, 2017: While the RBI launched the new Rs 200 notes a week ago, it may take up to three months for ATMs to start dispensing the new denomination currency “new Rs 200 note” as it will involve a huge exercise of recalibration.

What are ATM companies saying about when will the new Rs 200 notes come into the market?

Some banks have even asked the ATM companies to begin testing the new Rs 200 notes for recalibration of the machines, though they have not got supplies of the new Rs 200 notes/ currency. Only last year, the banks were involved in the recalibration of ATM machines after the demonetization of high-value currency notes in November.
ATM manufacturing companies said that they have not received any directive from the RBI regarding the recalibration of ATMs for the new Rs 200 note. They disclosed that some banks have at an informal level have asked them to start testing of the new note since it is of a different size.

 

When will the supply of the new Rs 200 notes see an increase?

Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up but has not given any time-frame by which it will be available in adequate numbers.

 It is yet to be seen whether all the 2.25 lakh ATM machines across India would be recalibrated for dispensing the new Rs 200 notes.

 

 avi B Goyal, Chairman, and Managing Director, AGS Transact Technologies Limited, which claims to have an installed base of 60,000 ATMs, told IANS, “The process of recalibration will begin once we receive the directive from the RBI. The size of the new Rs 200 notes are different from the existing ones and so, once we receive the new Rs 200 notes, we will have to understand its dimensions and accordingly reconfigure the ATM cassettes. Next, we will have to check if the supply of new Rs 200 notes is good enough to run the cassettes at full capacity.”

 “The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent. In fact, the ATMs will continue to be fully operational during recalibration and will continue to supply Rs 100, Rs 500 and Rs 2,000 denominations,” he said.

 

Among the other companies operating in the sector are NCR Corporation, which has over 1,08,000 machines, and BTI Payments, which has 4,500 cash dispensers. NCR Corporation said that while some banks have reached out to them to start testing of the new Rs 200 notes, they were yet to receive the supply to begin the process.

 “Banks have started getting in touch with us for testing the same “new Rs 200 notes”. They will let us know which machines they wish to configure for new rs 200 notes, which will require physical visits to ATMs. However, the new Rs 200 notes are still to be provided to us by the respective banks so that the testing can begin,” Anand Garollu, General Manager (Services), NCR Corporation said.

K. Srinivas, Managing Director, and CEO of BTI Payments, a RBI-licensed firm that operates cash dispensers not owned and managed by banks, said, “Recalibration will begin as and when we receive adequate quantity of new Rs 200 notes. We are looking to roll this out as quickly as possible.”

 He said that the industry was expecting new Rs 200 notes to be available over a period of time across various geographies.

 “The recalibration can be done progressively as and when the new denomination note starts to become available. Unlike the last time around (during demonetization), when we had to recalibrate all machines in one go,” Srinivas added.

 The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon. However, emails to RBI in this regard did not elicit any reply, they said.

 “The production of these “new Rs 200 notes” is being ramped up by the currency printing presses and over time, as more notes are printed, it will be distributed across the country through the banking channels and will be available for the public in adequate quantity,” the RBI had said in a statement.

 Currently, new Rs 200 notes are available only through select RBI offices and some banks.

While State Bank of India and Punjab National Bank are reported to have received the new Rs 200 notes, Eknath Baliga, Manager, KYC-Antimoney Laundering Cell, Corporation Bank, Mangalore, told IANS that none of its branches across the country had received the new Rs 200 notes so far.

The new Rs 200 notes are currently being printed only by RBI presses. Security Printing and Minting Corporation of India (SPMCIL) sources told IANS that the company has not received any indent so far for the printing of new Rs 200 notes. India’s two currency presses are owned by RBI and two by SPMCIL, which is a government-owned company.

 How ATM recalibration happens:

Usually, an ATM holds four cassettes — three of which can continue to be used for Rs 100, Rs 500, Rs 2,000, and the fourth cassette can be used for the new Rs 200 notes. On an average, each cassette has a capacity to hold 2,000-2,500 notes depending upon the quality of cash issued by banks. However, there are many ATMs that only have either two or three cassettes.

The number of slots in the ATM can be configured as per the bank’s preference. The banks decide which denomination needs to be configured in a machine on the basis of the customer profile in the area where the ATM is located and the number of transactions on that machine.

The banks need to make requisite changes at their ATM switch before the rollout of the physical recalibration at the ATMs in the field.

The recalibration of a new denomination takes 30-45 minutes per ATM. The process of recalibration is not very difficult but is time-consuming given an engineer has to visit every ATM and configure it to dispense the requisite denomination.

The introduction of the Rs 200 note has been welcomed as it would ease the currency circulation in the market as people prefer lower denomination cash withdrawals from ATMs. Rs 200 would also be more convenient for rural consumers. (IANS)