Plastic Currency Notes Launched in India

Plastic Currency Notes Launched in IndiaThe RBI (Reserve Bank of India) for long has been planning to launch Plastic Currency Notes In India. The life of plastic notes is good to around 5 years and is very difficult to imitate. Australia was the first to introduce plastic currency to safeguard against counterfeiting.

The government is deciding to print plastic currency notes to check counterfeiting. It has been decided on Friday that the plastic currency notes will print and procurement of material has started. Earlier in February 2014, the Parliament was informed by the government that one billion plastic notes of Rs. 10 denomination would be introduced in a field trial in five cities selected for their geographical and climatic diversity. The selected cities were

  • Kochi
  • Mysore
  • Jaipur
  • Shimla
  • Bhubaneswar

To know more about the Plastic Currency Notes Launched in India and statements by various ministers are given below. Go through this page and gather all the important details one should know about the plastic currency in India.

Plastic Currency Notes Launched in India

           Statements By Minister Of State For Finance Arjun Ram Meghwal

“It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated,” said minister in a written reply in Lok Sabha in a query to process the replace of paper currency to plastic currency in India.

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Plastic Currency Notes Launched in India

In December 2015 the RBI received some banknotes of Rs. 1,000 that are without security thread printed at Currency Note Press (CNP). An enquiry has been initiated by Security Printing and Minting Corporation (SPMCIL) and the units involved (SPM and CNP). On this discussion he said:

“Major penalty chargesheet has been issued to the personnel concerned. Disciplinary proceedings have been initiated as per departmental rules,” the minister said.

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“Additional inspections have been introduced to ensure defect-free production,”. Mr Meghwal said that some strict actions will be taken to make the quality better and avoid these silly mistakes.

Plastic Currency Notes Launched in India

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These were the discussions and statements given by the Minister of State for Finance on the Plastic Currency Notes Launched in India.

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