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Plastic currency next year

Plastic currency will come to India next year. The Reserve Bank of India will introduce this currency on a pilot basis. The central bank said in its annual report that it is also looking at other alternatives for improving the life of bank notes. It had floated a tender for plastic currency notes in January after years of deliberation. Depending on the trial, the notes should be introduced widely next year. Plastic notes are stain proof and do not tear easily. Several countries have tried using polymer-based currency notes, although these are costlier than cotton-fibre based paper currency. The plastic notes may be introduced in Kochi, Mysore, Jaipur, Bhubaneswar and Shimla – centres with different weather conditions. Notes of low denomination will be used in the pilot project.

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