Mr Shri Jayant Sinha(Finance Minister) in written reply to a question in Lok Sabha today posted that Government will introduce 1 Billion Plastic currency notes of Rs10 denomination on trial basis in cities (Kochi, Mysore, Jaipur, Shimla and Bhubaneswar). The whole idea is to increase the lifetime of the Currency notes. Once the field trial is successful RBI might replace the old paper currency notes with Plastic Currency.
Earlier in May 2014 Raghuram Rajan, the Governor of the Reserve Bank of India (RBI) announced that plastic currency notes will be launched in 2015 after field trials.
Countries like Australia,Brunei, New Zealand, Papua New Guinea, Romania, Vietnam, Fiji, Mauritius (printed by De La Rue), Canada and Israel had already shifted to Paper currency notes. Australians are the first to adapt Paper Currency notes in 1988 and completely shifted to 1996
Introduction of Paper currency notes not only helps in increasing the lifetime of the currency notes but also helps in stop counterfeiting of Indian rupees. Also, Plastic currency notes with an average life span of about five years are cleaner than paper notes. What do you say? which one you will prefer, Paper Currency or Plastic Currency?
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