3 weeks ago

Government approves polymer banknote trials for Rs 10, Rs 20

The Reserve Bank of India, which manages money in India, wants to try making new banknotes out of a special plastic called polymer.

The Indian government has approved this idea for a test.

The test will use 10-rupee and 20-rupee notes.

One billion notes of each type will be made for the trial.

The polymer notes will first be tested in the real world, like in shops and banks.

If the tests go well, the RBI plans to issue them regularly.

Until then, the new notes will be used next to the regular paper money.

Polymer notes last longer than paper notes and are harder to copy.

The RBI has started buying the materials, but it is still early, so nobody knows exactly when the notes will show up.

Key facts

Topic: Approved field trials of Rs 10 and Rs 20 polymer banknotes
Denominations: Rs 10 and Rs 20
Trial volume: One billion notes per denomination
Proposing body: Reserve Bank of India (RBI)
Approving body: Government of India (Centre)
Legal basis: Section 25 of the Reserve Bank of India Act, 1934
Expected circulation: Possible from the start of the next financial year, subject to trial results
Status: Procurement at early stage; introduction date and cost not yet specified

thehansindia.com · 3 weeks ago

freepressjournal.in · 3 weeks ago