Saturday, 18 March 2017


After introducing a new note of Rs.2000, the government plans to launch only plastic notes in the country. On Friday, the government has allowed Regional Bank of India to conduct a 10-point plastic notes trial, which has a long life span.
In a written reply to the Lok Sabha, the state finance minister Arjun Ram Madhval said that the government has decided to conduct trial of plastic banknotes in five locations in the country. He said that the plastic substrate has been approved and the RBI has been asked to allow the printing of 10 rupee plastic notes.
He said that plastic notes have longevity compared to cotton-subsit bank notes. For many years, the central bank has been looking for various options such as plastic notes to increase the life of banknotes around the world. Plastic Banknotes will be launched nationwide after the Reserve Bank Field Trial.
Initially, the government approved the field trial of plastic notes worth Rs 10 in February 2014. Five city selections for trials were done on the basis of its geographical and watercolor diversity. The city selected for field trials is Kochi, Mysore, Jaipur, Shimla and Bhuvaneshwar.
Medhawal said the average life-long plastic note is five years and it is difficult to copy it.He said that plastic notes are much more clean than paper notes. This kind of note was first launched in Australia to stop counterfeit currency
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