- Was it time? Big decision of RBI
- Plastic notes will be available in the market from this date
- Printing of Rs 10-20 notes started
RBI Plastic Currency: Paper notes will soon be replaced by plastic notes in India. The Reserve Bank of India is all set to launch a pilot project of new polymer notes of Rs 10 and Rs 20 from April 1, 2027. Exactly what preparations are underway” RBI (Plastic Currency)
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According to the Bussiness report, it appears that there will be no change in the size of the notes. This decision will benefit banks, as they will not have to spend extra money to modify their ATMs.
What will happen to old notes?
Speaking to Bussiness, a senior official of a public sector bank explained that not changing the size of the notes will help banks avoid the initial cost of changing ATMs. As this pilot project is being launched with smaller denomination notes, this will result in significant savings. It should be noted that this is only a field test, so the new plastic notes will remain in circulation alongside the existing paper notes, meaning the old paper notes will be fully valid. Under this project, 100 crore (1 billion) polymer notes of Rs 10 and 100 crore (1 billion) polymer notes of Rs 20 will be issued for market testing.
What is the reason for introducing polymer notes?
10 and 20 rupees are the most widely used notes in the country. They are passed from hand to hand at places like vegetable markets, bus and auto rentals, and small shops. Due to excessive use, these paper notes quickly tear, fade or deteriorate. Because of this RBI has to destroy lakhs of old notes and print new notes every year.
Last for more than 30 years
In August, Reserve Bank of India Governor Sanjay Malhotra highlighted the durability of polymer currency notes. He said that in some places polymer currency notes have lasted for more than 30 years. These notes will be especially useful for low value notes that are used frequently.
Plastic or polymer notes do not tear easily. Their lifespan is 3-4 times longer than normal notes. In comparison, paper notes have a lifespan of only 1 to 2 years. If the polymer notes last longer, the RBI will not need to reprint notes for several years, saving billions of rupees in printing costs.
Claim of viral note on social media is false
Some photos and posts claiming that Reserve Bank of India has released new polymer notes of ₹1,000 have gone viral on social media. PTB Fact Check, an official agency of the Government of India, has proven it to be false. The RBI has made it clear that there is currently no proposal to introduce large denomination polymer notes.
Always remember that RBI never announces new notes or monetary policy changes through social media. Instead, it provides information through its official website or official press releases. So, do not believe or share any such viral posts or messages.
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