If the Reserve Bank of India’s (RBI) programme becomes a reality, India could see plastic currency notes in select cities, instead of the paper notes currently in circulation. The project entailing printing of about 1 billion notes of Rs 10 denomination has been taken up by two state-run units.
The programme was referred to it the RBI’s annual report for the financial year ended June 2016.
“A billion pieces of banknotes in denomination of Rs 10 were to be printed on all available plastic substrates and issued to the public in five cities having different climatic zones, viz., Kochi, Mysuru, Shimla, Jaipur and Bhubaneswar, on a field trial basis.
“The Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and the Security Printing and Minting Corporation of India Limited (SPMCIL) have taken up this project,” the report said in the chapter on currency management.
Plastic notes have a longer shelf life, are clean and more secure from a counterfeiting point of view, according to experts.