By the year-end, the Reserve Bank of India (RBI) is planning to introduce polymer (plastic) notes of Rs10 denomination and later on it will introduce such notes of other denominations. The apex bank has planned to introduce polymer notes because the paper notes with time get soiled, washed, partially torn and mutilated and such notes volume is increasing and the cost of production is very high.
RBI sources said, “We will start with Rs. 10 notes on an experiment basis and then based on it, Rs. 20 and Rs. 50 notes will also be issued.”
Polymer notes are in circulation in countries such as New Zealand, Sri Lanka, Malaysia and Hong Kong. The sources said these countries have additional capacities to produce plastic notes.
The sources said, “The RBI could have imported plastic notes from these countries but after some consideration we have decided to produce them internally.” Currencies of Rs.10 are in maximum circulation and its production cost is more compared to notes of other denominations.
Regarding the fake notes, he said that though there were “no cases of such notes in Rs. 10 denomination, plastic notes would have enough safety features.”
The sources informed that RBI has no plans to issue plastic notes of Rs 5 denominations it is focusing more on its coins.
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