The Reserve Bank of India (RBI) is likely to start the introduction of plastic notes on a trial basis, according to K. C. Chakrabarty, Deputy Governor, RBI. He was addressing reporters after a town hall programme organised by the RBI here on Tuesday. “We have to introduce the plastic notes,” he said. It would first start with notes of Rs.10 denomination and continue with other small denominations.
However, Mr. Chakrabarty did not specify when the project would start, merely saying “Not tomorrow.” The trial project would begin with the introduction of plastic currency in select parts of the country, he said.
Plastic notes are said to withstand more wear-and-tear than their paper counterparts and have a longer life than the latter.
They are also said to be more difficult to fake and could therefore be a means of countering counterfeiting.