Plastic Rs.10 Notes: Government Decides to Print Plastic Currency Notes
Yesterday, 9th December, 2016, Government informed Parliament that a decision has been taken to print plastic Rs.10 notes and obtaining of material has started.
Finance Minister, Arjun Ram Meghwal said that, “It has been decided to print currency based on plastic or polymer substrate. The process of procurement has been started.”
The Reserve Bank for long has been scheduling to launch plastic currency note after field hearings. Two years ago, In February, 2014, the Indian government had informed Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities. The selected five cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
Benefits of Plastic Rs.10 Notes:
Plastic currency have an average life span of nearby five years and plastic currency are difficult to duplicate. Also, currency notes which made of plastic are cleaner than paper notes. Plastic notes were first familiarized in Australia to safeguard against imitating.
Arjun Ram said that, informed by RBI in December 2015 that they have received few currency of Rs 1,000 without having security thread which were printed at Currency Note Press (CNP), Nashik and which was on paper supplied by Security Paper Mill (SPM), Hoshangabad.
He further said that, action has been taken to reinforce quality procedure and online inspection system in manufacturing process and special training has been given to the persons concerned to avoid such types of mistakes in future.
Additional inspections have been introduced to ensure defect-free production of currency.