RBI planning to introduce plastic currency notes next year! The - TopicsExpress

RBI planning to introduce plastic currency notes next year! The Reserve Bank of India (RBI) is planning to introduce plastic currency notes next year on a pilot basis and improve security features to defeat the efforts of counterfeiters. It also aims to set up a national bill payments system that could eliminate middlemen and bring in efficiencies. Plastic notes are stain proof and dont tear easily. Several countries have tried using polymer-based currency notes, although these are costlier than cotton-fibre based paper currency. The plastic notes may be introduced in Kochi, Mysore, Jaipur, Bhubaneswar and Shimla - centres with different weather conditions. Notes of low denomination will be used in the pilot project.

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