RBI Wants to Bring in Plastic Money in India: These Countries Have Already Done It
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3 Articles
RBI wants to bring in plastic money in India: These countries have already done it
India is preparing to introduce polymer banknotes for field trials soon. The Reserve Bank of India will print two billion new plastic notes for testing. These polymer notes offer greater durability and security compared to traditional paper currency. Many countries like Australia and the United Kingdom already use polymer notes successfully. Successful trials could see polymer currency circulating alongside paper notes in India.
RBI is piloting plastic (polymer) notes of Rs 10 and Rs 20 denominations in the country for the first time. These are 2-6 times more durable than paper notes, do not easily flake and are difficult to counterfeit. This will save RBI money in the long run. These will be in circulation alongside the existing paper notes.
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