Thursday 18 April 2013

Plastic Currency Notes to be Introduced soon - RBI

Reserve Bank has decided to introduce Plastic Currency Notes for the first phase in main cities of the country.

The average lifespan of notes is nine months. To Increase this and to manage the problem of counterfeit of banknotes, RBI decided to circulate currency notes in plastic in Main cities of India. 
According to this, first 10 rupees worth notes is to be circulated on a test basis in main cities. Then it is extended to all notes and in all cities. 
Though Reserve Bank has undertaken an awareness campaign to identify Fake currency notes, it still exists - RBI. Writing in notes is also a criminal offense.
Thus it is the best alternative to introduce plastic notes as printing cost is also low.

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