New money? India's currency might soon get a plastic makeover
The Reserve Bank of India is exploring the transition to polymer banknotes to improve durability and reduce replacement costs. The bank has invited manufacturers to bid for the production of these plastic-based notes, which are expected to be introduced in lower denominations.
Why it matters
This represents a significant shift in national monetary infrastructure, potentially increasing the lifespan of currency and reducing long-term printing expenses.
India's banknotes may soon get a plastic makeover.The country is moving ahead with its plans to explore polymer banknotes as the Reserve Bank of India's currency printing subsidiary has invited global and domestic manufacturers to bid for the specialised material needed to print such notes. Initially, the notes are likely to be in the lower denominations of Rs 10 and 20, according to sources cited by ANI. Bharatiya Reserve Bank Note Mudran (BRBNMPL) has issued an Expression of Interest (EoI) seeking suppliers of opacified polymer substrate sheets embedded with security features. According to ET, interested manufacturers have been asked to submit their bids by August 18.The move could pave the way for India's first polymer banknotes, replacing the specialised paper that has been used to print the country's currency for nearly a century.
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