Shillong, August 24: Reserve Bank of India (RBI) deputy governor KC Chakrabarty said that the RBI will soon float global tender for introducing polymer currency notes in India..
Speaking to reporters after inaugurating the RBI Shillong branch office, Chakrabarty informed that the RBI has already submitted its proposal to the Ministry Of Finance and Ministry of Home Affairs for clearance. He said, “Once it is cleared, then our next process is to float global tender for introduction of polymer bank notes.”
Talking about the advantage of the polymer currency, Chakrabarty saod that counterfeiting of plastic notes is very difficult and therefore, RBI was planning to launch these polymer currency notes on experimental basis at five centres based on different weather condition.
According to Chakrabarty field trials of Rs.10 polymer bank notes will be conducted in five cities — Mysore, Kochi, Jaipur, Shimla and Bhubaneswar.
Chakrabarty said that the RBI proposal is not only aimed at checking the counterfeiting but also to cut down printing cost involved with the paper notes as they need early replacement due to soiling and mutilation.
Polymer notes have relatively longer life compared to the prevailing paper bank notes and may help in checking counterfeiting. The average life span of polymer currency notes is five years while the paper currency note is one year.
Polymer notes were first introduced in Australia and later New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam also followed. – By Our Reporter
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