JK News Today
New Delhi, December 09
The Modi government Has decided planning to introduce the plastic notes in a bid to replace all the paper ones
The procurement of the material for printing of the plastic notes has started and plastic notes will be a reality soon.
“It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated,” Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.
The Reserve Bank for long has been planning to launch plastic currency note after field trials.
In February 2014, the government had informed Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities selected for their geographical and climatic diversity. The selected cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
Plastic notes have an average life span of about five years and are difficult to imitate. Also, currency ..
currency notes made of plastic are cleaner than paper ones. Such notes were first introduced in Australia to safeguard against counterfeiting.
Replying to another question, Meghwal said it was informed by RBI in December 2015 that they have received some banknotes of Rs 1,000 without having security thread which were printed at Currency Note Press (CNP), Nashik, on paper supplied by Security Paper Mill (SPM), Hoshangabad.
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