The primary objective of introduction of polymer notes was to increase its life and not to combat counterfeiting.
The Reserve Bank of India (RBI) is set to introduce polymer banknotes to address the rising demand for currency, improve durability, and reduce production costs, with a pilot project expected soon.
The RBI has shelved its plan for polymer notes more than a decade after it invited interest from global manufacturers for one billion pieces of Rs 10 denomination polymer banknotes, reveals Tamal Bandyopadhyay.
The advantage of polymer notes is that these notes are cleaner than paper notes, easily recyclable, provide greater security against counterfeiting and will last four times as long as conventional paper notes. "Polymer notes have been introduced in Australia and the RBI is examining a proposal to start a pilot project for introduction of such notes in the country," said H R Khan, executive director, RBI.
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said.
RIL's standalone net profit rose one per cent quarter-on-quarter
Refining major optimistic on planned investment of $16 bn for expansion and new technology to post healthy margins
