The primary objective of introduction of polymer notes was to increase its life and not to combat counterfeiting.
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.
RBI Governor Sanjay Malhotra announced plans to launch long-lasting polymer currency notes by the next financial year. He also discussed the central bank's data-dependent approach to interest rates, its focus on aligning inflation with the 4 per cent target, and the orderly trajectory of the rupee amidst geopolitical tensions.
RBI says polymer notes have a significantly longer lifespan, potentially reducing printing costs and replacement frequency.
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.
"It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether Reserve Bank of India proposes to print plastic currency notes in place of paper ones.
Reserve Bank Deputy Governor S C Murmu has highlighted the "cash paradox" where currency in circulation continues to grow despite a significant increase in digital payments. This trend complicates the RBI's forecasting and planning for currency production and distribution, prompting the central bank to seek solutions and explore ways to extend banknote life and reduce the carbon footprint of the cash cycle.
The RBI is toying with the idea of replacing paper currency with polymer notes. As a pilot project, the central bank is said to have decided to introduce 100 crore (1 billion) pieces of Rs 10 polymer notes, for which the bank has floated a global tender. The bank has asked interested parties for 500 pieces of sample banknotes, before the actual global bids for the project go through.
A look at the current contenders International Bank Note Society's Banknote of the Year
In this slide show, we present a brief history of the currency of India as well as 10 most beautiful currencies of the world.
With the introduction of polymer notes, the government aims at ending the menace of counterfeit currency in the next five years, reports Vicky Nanjappa
We present a brief history of Indian currency as also 10 most beautiful currencies of the world.
It will be on field trial basis at five locations in the country.
Hindalco's India business, including Utkal Alumina, reported good results for the January-March quarter of the financial year 2024-25 (FY25) and consolidated earnings before interest, taxes, depreciation, and amortisation (Ebitda) also rose. Earnings growth was driven by favourable pricing, lower input costs and lower tax outgo for Novelis.
The group has been encouraging people to sign a petition calling for the withdrawal of the notes as vegans and vegetarians continued to express outrage at the use of tallow, a substance derived from animal fat.
