New Delhi – Polymer banknotes may be introduced into circulation in the country from next year. The initiative will begin with ₹10 and ₹20 denomination notes. The Bengaluru unit of the Reserve Bank of India’s (RBI) note printing press has invited global tenders for the supply of opacified polymer substrate sheets. At present, there is no company in India that manufactures polymer substrate sheets for banknotes. RBI Governor Sanjay Malhotra had recently stated that the proposal to introduce ₹10 and ₹20 polymer banknotes is under consideration. A study is currently underway to implement the proposal as a pilot project.
According to the RBI, ₹10 and ₹20 notes are the most widely circulated and wear out quickly. As a result, a large number of these notes have to be replaced every year, resulting in an expenditure of thousands of crores of rupees. Polymer banknotes last two to three times longer than ordinary paper banknotes. They are also less affected by water and dirt.
These banknotes will incorporate advanced security features to curb the circulation of counterfeit currency. Polymer banknotes of selected denominations are already in circulation in around 60 countries, including Australia, Canada and the United Kingdom. This is India’s third attempt in the past 16 years to introduce polymer currency.
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