INDIA TO TRIAL POLYMER BANKNOTES

 

The RBI has recently floated a tender to procure material for polymer banknotes, reviving a proposal that has been under consideration for nearly two decades.

Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that the RBI will print one billion Rs 10 notes and one billion Rs 20 notes. These denominations are often in short supply. He also clarified that there is no proposal to replace paper currency entirely with polymer banknotes, and that both types of currency will continue to circulate together.

If implemented, the move would mark the first use of polymer banknotes in India, where currency has been printed on specialised paper for almost a century.

The new notes will first be used for field trials before being introduced into regular circulation.

The plan was approved alongside an expansion of the country's currency printing infrastructure, which had been facing capacity limitations.

To read the complete article, see:
India may soon get plastic notes: Why they are being introduced and what happens to paper money (https://timesofindia.indiatimes.com/business/india-business/india-may-soon-get-plastic-notes-rbi-polymer-notes-why-they-are-being-introduced-and-what-happens-to-paper-money/articleshow/132702311.cms)

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