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RBI move to introduce plastic currency

currencySoon, there could be plastic currency in India. The Reserve Bank of India is reported to be planning to introduce plastic currency to tackle the high costs involved in wear and tear of paper notes. RBI is planning a pilot project of Rs 10 notes and will print such notes worth Rs 100 crore. The central bank has completed the process of issuing tenders for this purpose. Cities like Shimla, Bhubaneswar, Mysore, Kochi, and Jaipur are shortlisted for floating these plastic currencies because of varied climatic conditions. Some 22 countries are now using plastic currency. Reserve Bank of Australia was the first to introduce plastic currency and later Bank of England too announced it would begin producing £5 polymer notes sometime in 2016 followed by £10 polymer banknotes. Among the benefits of plastic currency are that it is very difficult to copy and counterfeit plastic currency can be easily detected. Besides, the durability of plastic notes is 4 times more than that of paper notes and these are eco-friendly and can be recycled for re-issue. However, the cost of printing is twice that of the paper currency.

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