Sep 9, 2009

RBI to introduce 100 crore Rs 10 plastic notes

Good news for those who get frustrated when receiving a soiled note from a shopkeeper. You may see the crumpled soiled notes soon becoming a thing of the past with the Reserve Bank planning to introduce polymer plastic bank notes in the denomination of Rs.10 whose life span would be 4 times more than the normal paper currency notes. The brilliant advantage of these Pleastic notes is that they would be difficult to imitate.

The Reserve Bank of India bank has in an initial phase decided to introduce 100 crore pieces of Rs 10 polymer notes, for which it has hired a global tender.

Explaining the rationale for introduction of polymer notes, an RBI official said, these notes would have an average life span of 5 years compared to one year for the currency notes.

These notes are cleaner than paper notes and it would be difficult to counterfeit the currency.

Taking the history of the introduction of the polymer currency notes were first introduced in Australia to safeguard against counterfeiting of currency.

Besides Australia, many other countries have introduced plastic notes which include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.

Source: Economic Times



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