India to get its first plastic notes next year: RBI governor shares timeline
The Reserve Bank of India plans to introduce polymer banknotes in Rs 10 and Rs 20 denominations by the next financial year. These notes are being tested for durability and longevity compared to traditional paper currency.
Why it matters
Transitioning to polymer notes could significantly reduce long-term currency printing costs and improve the lifespan of frequently used lower-denomination bills.
India’s first plastic or polymer notes are expected to go into circulation at the start of the next financial year, RBI governor Sanjay Malhotra has said. Sharing an update on the pilot project at the post monetary policy press conference, Sanjay Malhotra said that the project is at a pilot stage and decision to expand it will depend on the results of the testing.The government has authorised the Reserve Bank of India to print up to 2 billion polymer banknotes - 1 billion each in the Rs 10 and Rs 20 denominations for field trials.
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