After demonetization, we have seen some big changes in the way we transact money that is the cashless as well as hard cash. When it comes to hard cash, there have been new notes introduced, starting from larger denominations to smaller denominations. Now, only Rs.10 notes were left to be released by RBI and now we shall have them in the form of plastic notes!
The finance ministry has given a go-ahead to the Reserve Bank of India (RBI) to print plastic notes of Rs.10. The new plastic notes are unprecedented in the Indian economy as well as geographical conditions. Hence, on a trail basis, five cities across India have been selected with different geographical and climatic conditions where the new notes will be circulated. These five cities are Kochi, Mysore, Jaipur, Shimla and Bhubaneshwar.
The benefits of plastic notes over cotton notes are that the former is cleaner, stronger and difficult to counterfeit as compared to the latter. Minister of State for Finance Arjun Ram Meghwal told Parliament,
“Over the years, central banks across the world have been exploring different solutions for extending the life cycle of bank notes. These include introduction of plastic ones and other developments in substrates for enhancing durability including use of natural fibre blends and varnish.”
He further added,
“It has been decided to conduct a field trial with plastic bank notes at five locations of the country. Approval for procurement of plastic substrate and printing of bank notes of ₹10 denomination on plastic substrates has been conveyed to RBI.”
By introducing the Rs.10 plastic notes will definitely improve the cash conditions of one of the most oldest designed notes. Most of the older notes have been replaced by the newer ones, and it is about time that the Rs.10 notes also get its due share of an upgrade, so that it can withstand the test of time and does not deteriorate as it is also one of the most commonly circulated denominations in our day-to-day lives.