Pilot project for testing plastic notes to be run by RBI soon
As per The Times of India report, the final decision will only find any existence on ground after the RBI officials consult with the government, the printing presses and other related parties comprehensively.
If everything goes as desired, pilot project would be launched during the middle of the present year.
According to the data released by the RBI, almost 20 per cent or one in five paper notes, in circulation, get destroyed after getting soiled.
Around 13 billion notes stood soiled, ending March 31 of the last fiscal year.
The plastic currency would first be tried out in Kochi, Mysore, Jaipur, Bhubhaneshwar and Shimla – places with completely different weather conditions. The pilot project will comprise only low denomination currency notes.
Such notes are also difficult to copy and are more resilient than fiber notes, which are into circulation at present. Also, plastic notes are stain proof and don’t tear apart easily on applying force.