- The Indian government has approved the introduction of 1 billion pieces of ₹10 and ₹20 polymer banknotes each for trial.
- The RBI floated a global Expression of Interest (EOI) for the manufacture and supply of polymer substrate sheets.
India's government has approved a significant move to introduce one billion ₹10 and ₹20 polymer banknotes for field trials, as confirmed by the Ministry of Finance.12
The Reserve Bank of India (RBI) aims to transition to these durable notes after successful trials, which are expected to enhance the longevity of currency in circulation.
Pankaj Chaudhary, Minister of State for Finance, stated, “The proposal has been approved by the government.” The RBI has highlighted that international studies show polymer banknotes have a significantly longer lifespan than paper notes, making them a more sustainable option.
Currently, the introduction of these polymer notes is in a preliminary phase, with the impact on digital payments to be assessed post-issuance.
A recent tender from the Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL) indicates the need for 3.4 crore polymer sheets to print these notes, which will incorporate special security features.
The RBI's global Expression of Interest (EOI) seeks manufacturers for these specialized polymer substrate sheets, emphasizing the shift towards more durable currency options.3
Polymer banknotes are expected to last longer in circulation, thus potentially reducing the frequency of replacements and enhancing overall efficiency in currency management.
“The Reserve Bank of India (RBI) has initiated a global Expression of Interest (EOI) for the manufacture and supply of polymer substrate sheets, essential for producing these polymer banknotes. This move marks a significant step towards modernizing India's currency system with durable and secure notes.”
