Reserve Bank of India is anticipated to launch polymer notes by the end of this financial year. The polymer notes would imply the end to the period of partially torn, damaged paper currency.
The first notes to enter the market would be Rs 10 notes and others would be introduced shortly.
An RBI official said, “We will start with Rs. 10 notes on an experiment basis and then based on it, Rs. 20 and Rs. 50 notes will also be issued”.
Countries such as New Zealand, Sri Lanka, Malaysia and Hong Kong already use polymer notes.
The official said, “The RBI could have imported plastic notes from these countries but after some consideration we have decided to produce them internally”.
Plastic notes would also help in averting the false currency racket, the official added.
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