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14 Mar, 2013 10:54 AM

Govt to introduce plastic currency notes

Govt to introduce plastic currency notes Soiled notes may soon be a thing of past with the Reserve Bank planning to introduce Rs 10 polymer banknotes whose life span would be 4 times the normal currency notes and would be difficult to imitate. The RBI has decided to introduce one billion pieces of Rs. 10 notes in polymer and plastic on a trial basis

The Government of India and the RBI have decided to introduce one billion pieces of Rs. 10 notes in polymer and plastic on a field trial basis. The field trial will be conducted in the five cities of Kochi, Mysore, Jaipur, Bhubaneswar and Shimla, chosen for their varied geographical locations and climatic conditions.

Reserve Bank of India has informed that while the primary objective of introduction of polymer notes is to increase its life, it could also help in combating counterfeiting. The plastic notes would have an average life span of 5 years compared to one year for the currency notes.


The polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.

Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.



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