Government to go ahead to print plastic currency notes, material procurement started.
The Reserve Bank for long has been planning to launch plastic currency note after field trials.
Plastic notes have an average life span of about five years and are difficult to imitate.
Also, currency notes made of plastic are cleaner than paper ones.
New Delhi, Plastic Money: The central government on Friday informed the Member of Parliament that it is planning to print plastic money and the procurement of the material have started taking.
Back In February 2014, the government had informed the Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five different cities selected for the geographical and climatic diversity.
Arjun Ram Meghwal said, "It has been decided to print Plastic banknotes based on plastic or polymer substrate and The process of procurement has been initiated."
He was replying to a query whether RBI proposes to print plastic currency notes in place of paper ones. The RBI has been planning to launch the plastic currency note for quite long time post field trials.
The plastic notes have an average life span of nearly five years and are difficult to imitate. Also, the plastic currency notes are cleaner than paper notes. The plastic currency was first introduced in Australia in order to safeguard against counterfeiting.