RBI to Introduce Plastic Currency on Pilot Basis in 5 Centres

The monetary regulator, Reserve Bank of India (RBI) is planning to launch plastic currency in 4-5 centres on a trial basis to check counterfeiting of notes in India. The Deputy governor of RBI said that, they are planning to launch these plastic notes in centres like Jaipur, Shimla, Bhubaneshwar and other places.

Under the pilot project, plastic currency notes of Rs.10 denomination would be distributed through the five regional offices of RBI. This proposal of shifting paper notes to plastic currency is also aimed at bringing down the cost of printing, as they need early replacement because of soiling and mutilation. Moreover, when compared to paper currency notes that have a life span of one year, plastic notes have five years.

Besides saving the potential cost through plastic notes, the pilot project will also look into the impact of the plastic notes when dealing with environmental issues with the plastic. Actually, these polymer notes were first introduced in Australia to safeguard against counterfeiting of currency. Later other countries such as New Zealand, Romania, Bermuda, Brunei, Papua New Guinea and Vietnam have introduced plastic notes.

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