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Say hello to Plastic Currency Notes!

Updated on: 09 Aug, 2023 11:36 AM

The government has taken the decision of printing plastic currency notes and the procurement of the material has started.

β€œIt has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated,” Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.

Earlier, in February 2014, the government had informed Parliament about introducing one billion plastic notes of Rs 10 denomination for trial in 5 selected cities. The selected cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.

Meghwal further said action has been taken to strengthen quality procedure and online inspection system in the manufacturing process and special training has been given to the persons concerned to avoid such types of mistakes in future.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.