Uflex and Spectra bid for India’s polymer banknote program
Indian polymer science company Uflex, in collaboration with US-based Spectra Systems, has submitted a bid for India’s proposed polymer banknote program. The initiative was launched by Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), a subsidiary of the Reserve Bank of India (RBI), to identify suppliers of polymer-based currency substrate. The tender seeks 68,000 reams of biaxially oriented polypropylene (BOPP), coated with opacifying ink and an anti-static layer, for Rs 10 and Rs 20 denominations.
The tender was issued on July 17, with a deadline for expressions of interest set for August 18. The Indian government has approved the introduction of polymer currency on a trial basis. According to Minister of State for Finance Pankaj Chaudhary, the RBI proposed one billion pieces each of Rs 10 and Rs 20 polymer notes for field trials. Regular issuance would follow if the trials are successful.
Polymer banknotes are already in use in around 60 countries, including Australia, the UK, Canada, New Zealand, Singapore, and Vietnam. Australia pioneered polymer currency in 1988.