If you remember I have already posted about the Rs.10 plastic currency in India. This move by RBI is due to the increase number of fake notes in the country. As per the latest survey, in the recent times the fake notes have significantly increased in the market. To eliminate the fake notes, there should be proper mechanism for reducing the person who print the fake notes. Also RBI have talked about setting the ATMs with the fake note detectors. Last week RBI announce that the Rs.10 notes will be released to the public very soon. Hope the new plastic notes will eliminate the fake notes.
Update: This will be very unlikely to be printed by RBI. The reason is very high cost involved in printing the plastic money. Only few countries in the world printing the plastic money. But, this may be introduced soon when the time permits. This will be more environment friendly, that is what experts opinion. What the present governor of RBI said in one of the meeting is “We contemplated introducing plastic currency 15 years ago, gave it up and now we are trying to do this again as a pilot experiment. A lot of research analysis has gone into this about the cost and acceptability. Plastic currency is proven to be economical and would probably save us money”
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August 11, 2010 at 4:42 am
As for plastic currency, it is a bigger bribe story than the arms deals. Securency International, which holds the universal monopoly patent for plastic currency, is under investigation even in its own country Australia for massive bribing of officials of international governments. How much did they pay in India? They have been trying to sell plastic currency that is totally unsuitable in the tropics, to India from 2001. The Clean Note policy of the RBI was the first scheme to bring in plastic currency. Having to recycle every 6 months, plastic currency is difficult to sustain. Also, it cannot be folded.
February 25, 2013 at 3:21 pm
is it the same govt that preaches about reducing plastic usage in public ?
February 25, 2013 at 9:13 pm
Hello Prasad,
Thank you for the comments. This will be very unlikely to be introduced in India.
Thanks,
Krishna