Government Approves Introduction of One Billion Polymer Banknotes of ₹10 and ₹20
The RBI said the notes may be issued alongside paper currency after trials, with procurement still at an initial stage.
- On Tuesday, Finance Minister Nirmala Sitharaman informed Parliament that the government approved field trials for one billion polymer banknotes of Rs 10 and Rs 20 in a written reply to the Rajya Sabha.
- The Reserve Bank, following recommendations from its Central Board, submitted the proposal under Section 25 of the India Act for one billion pieces of each denomination for field trials and regular issuance after successful completion.
- According to the Finance Minister, these polymer banknotes are proposed to be issued alongside paper substrate-based banknotes, while the RBI confirmed the procurement process is presently at an initial stage.
- At this point in time, determining the exact timeframe for introduction or the total expenditure remains impractical, as the government continues to evaluate feasibility through the early procurement phase.
- The polymer trials represent a specific operational shift within the RBI's currency management strategy, aligning with broader government efforts to modernize systems while maintaining existing paper currency circulation indefinitely.
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INR 10, INR 20 Polymer Notes Approved for Field Trials: When Will They Be Introduced? | 📰 LatestLY
The government has approved one billion polymer banknotes each of INR 10 and INR 20 for field trials, Finance Minister Nirmala Sitharaman informed the Rajya Sabha. The RBI had proposed the notes for testing before regular issuance. Polymer notes are expected to circulate alongside paper banknotes, but the government said no exact launch timeline or cost can yet be determined. 📰 INR 10, INR 20 Polymer Notes Approved for Field Trials: When Will T…
The Reserve Bank of India has received a major approval from the central government regarding plastic banknotes. Now, 1 billion banknotes will be released for circulation as a trial.
Plastic notes to be introduced along with paper currency, no time frame on launch yet: Govt
Finance Minister Nirmala Sitharaman on Tuesday informed Parliament that the government has approved introduction of one billion polymer banknotes of ₹10 and ₹20 for field trials.
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