Government to introduce plastic notes in the denomination of Rs. 10/- in 5 Cities
Government to introduce plastic notes in the denomination of Rs. 10/-. One billion plastic notes of the denomination of Rs. 10/- will be introduced in a field trial in five cities selected for their geographical and climatic diversity.
The primary objective of introduction of polymer/plastic notes is to increase its life and not to combat counterfeiting. The cities selected for field train are Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
The Reserve Bank of India has informed that since the proposal is at a trial stage, the decision on replacement of currency notes with plastic notes will depend on the outcome of field trial.
If reports are to be believed, these plastic currencies will be made in Australia. Pioneered by Australia, the plastic currency notes are already in use across a number of other countries, including Singapore, Canada, New Zealand, Malaysia, Vietnam, Fiji, Brunei, Papua New Guinea and Romania, while the UK is also said to be toying with the idea.