However, the current notes would continue to be legal tender.
The security features of the note will match the ones in the already existing ₹500 and ₹2000 denomination notes.
The new note is in line with the government’s plan to ‘focus’ on lower denomination notes. Economic Affairs Secretary Shaktikanta Das confirmed the same earlier in the year and quashed rumours about a new Rs 1000 note.
In November 2016, new Rs 500 and Rs 2,000 bank notes were issued as part of Prime Minister Narendra Modi’s bid to curb the flow of black money in the economy. It drew the government criticism for not being adequately planned.
However, unlike the previous announcement where the old notes were invalidated, this current notes would continue to be legal tender.