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RBI to float global tender on polymer bank notes
Friday August 24, 2012 06:28:47 PM,
IANS
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Shillong: The Reserve
Bank of India (RBI) would soon float global tender for introducing
polymer currency notes, Deputy Governor K.C. Chakrabarty said
Friday.
"We have already submitted our proposal to the Ministry Of Finance
and Ministry of Home Affairs for clearance. Once it is cleared,
then our next process is to float global tender for introduction
of polymer bank notes," Chakrabarty told journalists after
inaugurating the RBI branch office here in Meghalaya.
"Counterfeiting of plastic notes is very difficult and therefore,
we are planning to launch these polymer currency notes on
experimental basis at five centres based on different weather
condition," he said.
Chakrabarty said field trials of Rs.10 polymer bank notes will be
conducted in five cities -- Mysore, Kochi, Jaipur, Shimla and
Bhubaneswar.
"Our proposal is not only aimed at checking the counterfeiting but
also to cut down printing cost involved with the paper notes as
they need early replacement due to soiling and mutilation," he
said.
Polymer notes have relatively longer life compared to the
prevailing paper bank notes and may help in checking
counterfeiting.
The average life span of polymer currency notes is five years
while the paper currency notes is one year.
Polymer notes were first introduced in Australia to safeguard
against counterfeiting of currency.
Besides Australia, other countries which have introduced plastic
notes are New Zealand, Papua New Guinea, Romania, Bermuda, Brunei
and Vietnam.
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