Polymer Currency: Amidst the growing demand for currency, the RBI is preparing to introduce polymer currency, i.e., plastic notes. The Governor has announced this. You can learn more about it here.
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Polymer Currency: RBI Governor Sanjay Malhotra has announced that the Reserve Bank of India is considering a proposal to introduce polymer currency notes in the country. Malhotra stated that the proposal is currently in its preliminary stages. It should be noted that attempts to introduce plastic notes were made previously, but these attempts were unsuccessful.
Why did it fail in the year 2012?
It’s worth noting that India also tested plastic 10 rupee notes in five cities (Kochi, Mysore, Jaipur, Bhubaneswar, and Shimla) in February 2012. However, due to significant problems with ATMs and other machines, it was discontinued.
What is polymer currency?
Polymer currency, polymer banknotes are made from a flexible, stretchy plastic substrate instead of cotton. These notes are made from Biaxially Oriented Polypropylene (BOPP). Polymer notes are not as rigid as cards, so they can be folded like paper notes.
What is the speciality of polymer currency?
- Unlike paper currency, polymer or plastic notes are more durable.
- Polymer currency is less affected by dirt and moisture.
- Due to the longer life of polymer currency, the need for repeated printing of notes is reduced.
Which countries already use plastic notes?
The introduction of this currency in India would not be a new phenomenon. Australia was the first country to use polymer currency. Following this, Canada, the United Kingdom, Singapore, Malaysia, Thailand, Indonesia, and Romania also began using polymer currency.
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