RBI Gets Government Approval To Print Rs. 10 Plastic Notes
The Reserve Bank of India (RBI) has been authorised to conduct field trials for printing plastic notes of Rs. 10 denomination.
The Reserve Bank for long has been planning to launch plastic currency note after field trials. In February 2014, the BJP government had informed the Parliament that one billion plastic notes of Rs. 10 denomination will be introduced in a field trial in five cities.
Plastic notes are difficult to imitate and have an average life span of about five years. Also, plastic currency notes are cleaner than paper ones. Such notes were first introduced in Australia to safeguard against counterfeiting.
The government had decided to conduct field trials at five locations of the country with plastic banknotes, which are expected to last longer than current cotton substrate-based banknotes. Kochi, Mysore, Jaipur, Shimla and Bhubaneswar are the five cities where the plastic notes would be introduced in a field trial.
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