Government today informed Parliament of its decision to print plastic currency notes and procurement of material has started.
In a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones, Minister of State for Finance Arjun Ram Meghwal said “It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated,”
Australia was the first country to introduce plastic notes to safeguard against counterfeiting. These 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.