The Reserve Bank of India (RBI) on recently said it is working on launching plastic currency & will soon launch a pilot project for the same.
Mr. H.R Khan, Deputy Governor, RBI said, ''Counterfeiting of plastic notes is very difficult. So, we are planning to launch some plastic money on pilot basis in four to five centres. Like Jaipur, Shimla, Bhubaneshwar and other centres. We are working on it".
Under the pilot project for issue of plastic currency notes, notes of Rs. 10 denomination would be distributed through the RBI’s five regional offices.
The proposed shift to plastic currency notes, instead of the normal paper notes, is primarily aimed at checking the counterfeiting as also high cost associated with printing of paper currency, as they need early replacement due to soiling & mutilation.
These notes would have an average life span of 5 years compared to one year for the paper currency notes, and also these notes are cleaner than paper notes and it would be difficult to counterfeit the currency. Besides studying the potential cost savings through plastic notes, the pilot project will also look into the environmental impact of the proposed plastic notes.
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