India Prepares to Introduce Plastic Currency Notes

India is set to roll out plastic currency notes in denominations of ₹10 and ₹20, as part of a trial run. The Reserve Bank of India (RBI) will print 200 crore notes made of polymer, or plastic, with each denomination comprising 100 crore notes.

The RBI's note-printing unit has issued a global tender for the supply of polymer substrate sheets, with August 18th set as the deadline for submitting bids. If successful, more notes will be printed in polymer in the future.

Minister of State for Finance Pankaj Chaudhary confirmed that the central government has approved the trial, saying it is part of the RBI's plan to introduce next-generation currency in the country.

Polymer banknotes are more durable and less prone to wear and tear than traditional paper notes. They can also incorporate advanced security features, making them virtually impossible for counterfeiters to copy.