If all goes well, India will soon have environment friendly plastic currency notes.
Srinagar, May 9/Nationalturk- The Reserve Bank of India (RBI) is mulling to introduce environment friendly plastic currency notes in India.
“RBI is trying to introduce plastic currency notes in the country to cut expenses on printing of paper currency,” Reserve Bank of India Governor D Subbarao told reporters in Srinagar, summer capital of Indian administered Kashmir last evening.
He said the plastic currency notes would be environment-friendly and have longer shelf-life than the paper notes.
“Printing paper currency notes is proving costly. It costs us more and has less shelf-life. We will introduce plastic currency notes on trial basis and if it proves successful, then it will be replicated in the entire country,” Subbarao said.
RBI had tried to introduce plastic currency notes 15 years back
RBI Governor said Reserve Bank of India had tried to introduce plastic currency 15 years ago in the country. “However, at that time people resisted and did not accept it. But now things have changed and we hope people would appreciate it and there would be no objection”.
Some countries including, Australia, and Singapore have already introduced plastic currency notes. New Zealand, Romania, Papua New Guinea, Mexico and Vietnam have also been issuing polymer currency notes.
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Faiz Ahmad / NationalTurk India News
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It is very good decision of RBI to introduce plastic currency note in India. We will evade from the problem of torn notes and people should accept it with perseverance.