Plastic Rs.10 notes to be introduced in 5 cities in India
Posted on: 26/Mar/2014 5:31:58 PM
As paper currency becomes dirty & soiled and also get torn easily, the government of Australia introduced dollars in plastic in the year 1968. Following this, Canada and Singapore also released plastic currency. Currently, more than 30countries in the world use plastic currency.
Plastic currency has a longer life and also cannot be easily counterfeited. Many countries have shown interest to switch over to them.
Reserve Bank of India decided to introduce plastic currency in 2010. In the first stage, it was planned to release Rs. 10 plastic notes and a tender was floated. 8 tenders have been received so far from reputed companies. The tenders are being scritinised and the contract is likely to be awarded to the lowest bidder.
India has not acquired the technology for making plastic currency. So, they will be made in foreign countries with tight securities.
It is also to be tested whether plastic currency can withstand the Indian climate & weather conditions.
So, it has been planned that Rs. 10 plastic notes will be made in the first stage. 100 Crores of Rs. 10 plastic currency will be made and will be introduced in Cochin, Mysore, Jaipur, Bhuvansehwar, and Shimla.
Depending on the response, introduction of plastic currency will be continued further.
