World of Coins

Adjacent hobbies => Collecting banknotes => Indian subcontinent => Topic started by: Bimat on November 16, 2009, 06:25:37 AM

Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on November 16, 2009, 06:25:37 AM
RBI to introduce 100 crore Rs 10 plastic notes
8 Sep 2009, 1918 hrs IST, PTI

NEW DELHI: Soiled notes may soon be a thing of past with the Reserve Bank planning to introduce Rs 10 polymer banknotes whose life span would be 4 times the normal currency notes and would be difficult to imitate.

The apex bank has initially decided to introduce 100 crore pieces of Rs 10 polymer notes, for which it has floated a global tender, a senior central bank official told PTI.

Explaining the rationale for introduction of polymer notes, the official said, these notes would have an average life span of 5 years compared to one year for the currency notes.

Besides, the official said, these notes are cleaner than paper notes and it would be difficult to counterfeit the currency.

The polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.

Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.

The RBI that has floated tender for polymer note has fixed October 20 as last date for submitting expression of interest.

It is to be noted that the RBI in 2002 had said that there was no proposal to introduce polymer/plastic notes of higher denomination in place of paper notes.

"The RBI has been receiving several queries about the possibility of introducing polymer/plastic currency notes to replace the existing paper notes, especially in the denominations of Rs 1,000, Rs 500 Rs 100 and Rs 50," the central bank had said in a release.

However, going by the increasing incidence detection of fake notes, RBI may consider introduction of higher denomination plastic notes.

Source : Economic Times (http://economictimes.indiatimes.com/News/Economy/Policy/RBI-to-introduce-100-crore-Rs-10-plastic-notes/articleshow/4987077.cms)

Note : Check RBI press release regarding polymer banknotes here: http://rbidocs.rbi.org.in/rdocs/content/PDFs/PFEOI080909.pdf
Title: Re: RBI To Introduce Polymer Banknotes
Post by: asm on November 16, 2009, 08:19:28 AM
Aditya,
Did you see how RBI has conveniantly forgotton Bangladesh from the list of countries that have already introduced Polymer notes?
Amit
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on November 18, 2009, 04:14:31 AM
Did you see how RBI has coneniantly forgotton Bangladesh from the list of countries that have already introduced Polymer notes?
;D Actually they have omitted most of the countries.Here is an (incomplete) list of countries which have already issued polymer banknotes:
Quatar,Israel,Papua New Gunea,Haiti,Isle of Man,Bulgaria,Fiji,Kazakastan,Latvia,Costa Rica,Vietnam,Thailand,Singapore,Solomons Islands,Sri Lanka,Samoa,Romania,Nigeria,Chile,Brunei,Brazil,Indonesia,Malaysia,Kuwait,Mexico,China,Bangladesh,Nepal...

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Figleaf on November 20, 2009, 09:21:29 PM
Note the word "include" in Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam. That's diplomat talk for "I'll list only what suits me here".

Peter
Title: Re: RBI To Introduce Polymer Banknotes
Post by: asm on November 21, 2009, 02:01:22 AM
Note the word "include" in Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam. That's diplomat talk for "I'll list only what suits me here".
Peter
That is exactly what I was intending to say. Of cource, I was not aware that so many other countries have issued Polymer notes.
Amit
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on October 26, 2010, 05:57:26 PM
India Making Move to Polymer

By Kerry Rodgers, World Coin News
October 25, 2010

The Reserve Bank of India has announced that it will be replacing its current generation of rag-paper rupee notes with polymer, bringing to an end the era of partially torn, mutilated currency that has bedeviled the country. Anyone who has ever lived and worked in a tropical clime will know all too well that paper currency is not compatible with elevated humidities.

The first notes to be released will be the Rs 10 possibly by the year’s end. These will be followed in turn by the Rs 20 and Rs 50 denominations. In 2009 a pilot launch was planned of the Rs 10 denomination on a trial basis in five cities. This never occurred and the authorities look set to go nationwide this year with 1 billion Rs 10 being printed.

Apart from their durability and enhanced cleanliness, the RBI has been promoting the security features that can be incorporated in modern plastic issues and that help frustrate counterfeiters. Earlier this year the RBI had reported fake notes as accounting for eight per one million notes in circulation during 2008-09.

The Aug. 10 media release also included a proposal to replace the Rs 5 note with a coin. Problems have arisen in a number of countries where low denomination notes have been replaced by metal coins that lack substantial security measures. The coins have such low metal value that forging them on a large scale returns a handsome profit. As a result, Britain now has an enormous problem with its pound coin. In 2005 South Africa has had to withdraw and re-mint its five rand. All of which suggests problems might lie in store for India.

Although India could have imported the new plastic currency from specialist printers such as in Australia or Mexico, the Reverse Bank of India has taken the step of producing these internally.

There has been talk of incorporating the new rupee symbol on the new notes that resulted from a nationwide competition. As of July no firm decision had been taken with the RBI still in discussions with the government on this matter. Nonetheless it appears highly likely.

Source: NumisMaster (http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=15106)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Ukrainii Pyat on October 26, 2010, 11:52:52 PM
I would think that the polymer notes are less likely to be germ carriers - a big advantage in a tropical climate.
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on October 29, 2010, 04:59:53 PM
I would think that the polymer notes are less likely to be germ carriers - a big advantage in a tropical climate.
That's true, but most of the Indians have very bad sanitation habits, so it won't help much.. ::)

Aditya
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on August 14, 2011, 03:20:17 PM
A friend of mine has conformed that RBI will issue polymer Rs 10 banknotes in 2012. He was told so by someone who works @ RBI and even dealers are conforming this news, so let's be ready to see them in 2012!

(If this news proves to be another hoax, don't blame me! ;D)

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Enlil on August 18, 2011, 03:02:06 AM
We don't shoot the messenger, though this has been around for 2 plus years. Maybe wait till we have an actual note. Waiting for the new Burundi coins though.
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on August 26, 2011, 02:56:16 PM
Rs 10 plastic notes to be introduced on trial basis: Govt
Published on Fri, Aug 26, 2011 at 17:19 |  Source : PTI

The government today said it has decided to introduce 100 crore polymer bank notes in denomination of Rs 10 on trial basis.

It will be on field trial basis at five locations in the country, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

"A final decision will be taken depending on the results of the field trial," he said.

The Reserve Bank had floated a global tender for introduction of 100 crore plastic currency in 2009.

The polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.

Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.

[...]

Source: Money Control (http://www.moneycontrol.com/news/current-affairs/rs-10-plastic-notes-to-be-introducedtrial-basis-govt_580537.html)
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on September 13, 2011, 01:07:04 PM
World's 10 most beautiful currencies

Last updated on: September 13, 2011 13:52 IST

The Reserve Bank of India is toying with the idea of replacing paper currency with polymer notes.

As a pilot project, the central bank is said to have decided to introduce 100 crore (1 billion) pieces of Rs 10 polymer notes, for which the bank has floated a global tender.

The bank has asked interested parties for 500 pieces of sample banknotes, before the actual global bids for the project go through.

Explaining the rationale behind the possible introduction of polymer notes, an RBI official said that these notes would have an average life span of five years compared to one year for paper currency notes.

Soiled notes too would become history, once polymer notes are in vogue. And even though the initial cost of printing polymer notes is high, in the long run it works out cheaper.

[...]

Source: Rediff (http://www.rediff.com/business/slide-show/slide-show-1-worlds-10-most-beautiful-currencies/20110913.htm)

(Check the link for complete article and images)
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on September 13, 2011, 01:26:14 PM
Quote
The bank has asked interested parties for 500 pieces of sample banknotes, before the actual global bids for the project go through.

So very soon, we will see some dealers asking sky rocketing price for those specimen banknotes. ::)

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Coinsforever on September 13, 2011, 01:35:34 PM
World's 10 most beautiful currencies

Last updated on: September 13, 2011 13:52 IST

The Reserve Bank of India is toying with the idea of replacing paper currency with polymer notes.


Not clear if design finalized for these polymer notes or not  .I guess printer has liberty to print and issue samples with as much errors as they can , so  that all notes become VIP error samples . 

 
So very soon, we will see some dealers asking sky rocketing price for those specimen banknotes. ::)

Aditya
Sure it will definitely  going to happen  in future.

Cheers ;D
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on July 09, 2012, 03:44:08 PM
RBI to launch plastic currency on pilot basis in 5 centers

Posted on: 09 Jul 2012, 06:13 PM

New Delhi: Amid instances of counterfeiting of notes, the Reserve Bank on Monday said it is working on launching plastic currency and will soon launch a pilot project for the same.
   
"Counterfeiting of plastic notes is very difficult. So we are planning to launch some plastic money on pilot basis in 4-5 centres. Like Jaipur, Shimla, Bhubaneshwar and other centres. We are working on it," RBI Deputy Governor H R Khan told reporters at New Delhi.
   
Under the pilot project for issue of plastic currency notes, notes of Rs 10 denomination would be distributed through the central bank's five regional offices.
     
The proposed shift to plastic currency notes, instead of the normal paper notes, is primarily aimed at checking the counterfeiting as also high cost associated with printing of paper currency, as they need early replacement due to soiling and mutilation.
     
These notes would have an average life span of 5 years compared to one year for the currency notes, and also these notes are cleaner than paper notes and it would be difficult to counterfeit the currency.
     
Besides studying the potential cost savings through plastic notes, the pilot project will also look into the environmental impact of the proposed plastic notes.
     
The polymer notes were first introduced in Australia to safeguard against counterfeiting of currency. Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.

Source: Jagran (http://post.jagran.com/rbi-to-launch-plastic-currency-on-pilot-basis-in-5-centers-1341837820)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on July 09, 2012, 04:52:03 PM
Well the news has been for quite sometime ... we dont know when "SOON" means really soon  >:D >:D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: srinath on July 10, 2012, 10:25:24 AM
Obviously when its a govt job, everyone know how soon its gonna be  :P
Title: Re: RBI To Introduce Polymer Banknotes
Post by: srinath on July 10, 2012, 10:28:37 AM
also i wonder if they gonna come up with new design or continue with the old design on the polymer notes
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on July 10, 2012, 11:14:49 AM
There won't be any change in the design. Just a new material..

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: sdchaugule on July 11, 2012, 08:38:32 AM
The following is news item and it may be interesting to members.

On: Wed, Jul 11th, 2012
RBI to test plastic currency plan with Rs 10 note
Rating: 0.0/10 (0 votes cast)
If the proposal of the Reserve Bank of India (RBI) gets through, plastic currency notes of Rs 10 denomination would be in the market soon. The RBI is in the process of testing the effects of different climatic conditions on the plastic note, after which it could be a reality, subject to approval by the Centre.
RBI's additional general manager (AGM) at Chandigarh, J B Mangla, told TOI on Friday that this would ensure longer life of currency notes. "RBI has proposed to print Rs 10 denomination currency notes in plastic as a pilot project. These are being tested for different climatic conditions like extreme hot, cold and moist areas along the seashore".
The official said there was no timeframe for introducing the notes and if found successful, it would be replicated for other denominations also. "There is too much tampering and misuse of currency notes in our country like using it in garlands, throwing the notes in the air on occasions like wedding, stapling or writing on it. We don't have any penal provisions to check this misuse. It shortens the life of a note. The plastic note will have longer life", he added.
Mangla was in Rohtak to attend a coin distribution programme organised by the Oriental Bank of Commerce here. He said the programme was organised in view of the feedback from the town about shortage of coins. "There is no shortage of coins with RBI but it seems to have been created by people who has a habit of storing coins, instead of keeping it in circulation,'' said Mangla.
Source: Hindustan Times


Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on July 11, 2012, 11:24:13 AM
"There is no shortage of coins with RBI but it seems to have been created by people who has a habit of storing coins, instead of keeping it in circulation,'' said Mangla.

 ;D ;D ;D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: asm on July 11, 2012, 12:57:44 PM
I hope thay are not pointing fingers at us collectors........ :-[ :P

Amit
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on July 11, 2012, 04:13:36 PM
Its not the collectors like us ...
its more of common man, with income increasing, people are not carrying around change ... they just dump in office drawers, home cupboards etc ... i know quite a few collegues in office who's drawers are full of coins ... same at home, quite a few house hold will have atleast 1000 coins just thrown here and there ...
Title: Re: RBI To Introduce Polymer Banknotes
Post by: srinath on July 11, 2012, 04:18:22 PM
quite true..  i have seen some people who have above avg income, they don't care about 1 and 2 rupee coins any more.. they dont even wait to take the change from the shopkeepers

Its not the collectors like us ...
its more of common man, with income increasing, people are not carrying around change ... they just dump in office drawers, home cupboards etc ... i know quite a few collegues in office who's drawers are full of coins ... same at home, quite a few house hold will have atleast 1000 coins just thrown here and there ...
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on July 21, 2012, 08:39:10 AM
Govt plans trial of plastic currency notes

July 21, 2012 By TEENA THACKER DC New Delhi

The government has decided to conduct a field trial with one billion plastic/polymer bank notes to check the possibility of introducing plastic notes in India. The trials will be conducted in five places, including Mysore, Kochi, Shimla, Jaipur and Bhubaneshwar.

According to an RTI reply, the places have been selected on the basis of their varied geographical location and climatic conditions and its intduction will depend on the results of the trial.

“The field trial will be in denomination of Rs10 and further decision to introduce it or not will depend on the outcome of the field trial,” the RGI has explained in their reply to an RTI application filed by RTI activist Subhash Agarwal on the status of introduction of plastic notes in the country.

The RGI says that the proposal of introducing plastic notes was taken in order to elongate the life of bank notes, “particular the lower denominations, so to cut down the production and disposal costs it was decided by the government of India and Reserve Bank of India to initiate steps to conduct field trials,” added the RTI.

According to the RTI, the average cost of printing notes of each denomination differ. While, its Rs3.58 for a Rs500 note, the cost of printing increases for Rs1,000 note and stands at Rs4.06. The RTI also indicated that the small denomination bank notes have a lower average life than bank notes in higher denomination(Rs100, 500, 1,000).

To increase the life of the notes, the RGI has also sent their instructions to the banks recommending doing away of stapling of fresh note packets with paper/polythene bands so that the life of the currency notes is increased.

It also suggested that banks shall forthwith stop writing of any kind on watermark window of bank notes. “The above measures will increase in life of bank notes and consequent reduction in the expenditure,” it said.

Currently, there are 11,540 million pieces of Rs2 and Rs5 in circulation, 4774 million pieces of Rs1,000, 10,934 million pieces of Rs 500 and 14,119 million pieces of Rs100.

Meanwhile, the problem of counterfeit notes seems to have been increasing every year, with about 521155 total pieces of currency notes being detected to be counterfied, circulation of these notes were much less earlier.

Source: Deccan Chronicle (http://www.deccanchronicle.com/channels/nation/north/govt-plans-trial-plastic-currency-notes-387)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on July 21, 2012, 10:37:43 AM
Govt plans trial of plastic currency notes lol I dont think these notes will come in circulation or will remain in circulation for too long..our dear dealers will pull all of them from the market and will later sell them for a premium.  ;D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on July 21, 2012, 01:34:40 PM
Agreed.
Its best if the government first mints enough and sells [with potage charges] to collectors before begning the trail ... that way atleast the trail can go on freely ... else the trial result would be that the notes vanish faster than paper notes ...
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on July 21, 2012, 01:44:12 PM
Its good to collect rare and scarce items but I guess collectors must stop collecting anything and everything.  ;D
Title: Plastic Currency
Post by: kansal888 on August 24, 2012, 03:58:45 AM
Dear Friends

After a long wait, GOI has finally decided to launch polymer notes. Initially only Rs ten polymer notes will be issued. They will have enhanced security features. They will be launched in five cities on trial basis - Jaipur, Shimla, Bhubaneswar, Mysore & Kochin. The cities were chosen in view of varied geographical locations and climatic conditions

Regards
Sanjay Kansal
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on August 24, 2012, 06:11:51 AM
Wow great news!! Soon we will see this item on ebay (Newly releases trial India 10 rupee polymer note..Only few printed..Grab it as soon as you can...Lowest price on ebay)  ;D ;D ;D ;D >:D >:D
Title: Re: Plastic Currency
Post by: $$ on August 24, 2012, 06:12:57 AM
Really good news but sad to hear that it is not being launch in metro cities

Let wait and watch.

Samir

Dear Friends

After a long wait, GOI has finally decided to launch polymer notes. Initially only Rs ten polymer notes will be issued. They will have enhanced security features. They will be launched in five cities on trial basis - Jaipur, Shimla, Bhubaneswar, Mysore & Kochin. The cities were chosen in view of varied geographical locations and climatic conditions

Regards
Sanjay Kansal
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Coinsforever on August 24, 2012, 09:13:14 AM
Wow great news!! Soon we will see this item on ebay (Newly releases trial India 10 rupee polymer note..Only few printed..Grab it as soon as you can...Lowest price on ebay)  ;D ;D ;D ;D >:D >:D

But point is lot of fakes will also flood into market moreover  initially apart from common citizens collectors may be duped.  (alike Rs.10 bimetallic coins initially lot of fakes has been flooded)

Really good news but sad to hear that it is not being launch in metro cities

If RBI will print & issue these new polymer notes in larger volumes than during transactions may be passed to metro , but as it is on trial basis lets cross the fingers collectors in metro may hardly find it in their cities.

Cheers ;D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on August 24, 2012, 12:39:14 PM

They will be launched in five cities on trial basis - Jaipur, Shimla, Bhubaneswar, Mysore & Kochin.

Any WOC members from these cities??
Maybe they will be able to help others collect these notes ....
Title: Re: RBI To Introduce Polymer Banknotes
Post by: akhedia on August 24, 2012, 02:02:23 PM
Beekerji is from Cuttack which happens to be the twin city of Bhubaneshwar..............Beekerji if you are reading this post then we request you to please arrange a Bundle for the Forum members......... :) :) :)
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on August 24, 2012, 03:40:18 PM
RBI to float global tender on polymer bank notes

Friday August 24, 2012 06:28:47 PM, IANS

Shillong: The Reserve Bank of India (RBI) would soon float global tender for introducing polymer currency notes, Deputy Governor K.C. Chakrabarty said Friday.

"We have already submitted our proposal to the Ministry Of Finance and Ministry of Home Affairs for clearance. Once it is cleared, then our next process is to float global tender for introduction of polymer bank notes," Chakrabarty told journalists after inaugurating the RBI branch office here in Meghalaya.

"Counterfeiting of plastic notes is very difficult and therefore, we are planning to launch these polymer currency notes on experimental basis at five centres based on different weather condition," he said.

Chakrabarty said field trials of Rs.10 polymer bank notes will be conducted in five cities -- Mysore, Kochi, Jaipur, Shimla and Bhubaneswar.

"Our proposal is not only aimed at checking the counterfeiting but also to cut down printing cost involved with the paper notes as they need early replacement due to soiling and mutilation," he said.

Polymer notes have relatively longer life compared to the prevailing paper bank notes and may help in checking counterfeiting.

The average life span of polymer currency notes is five years while the paper currency notes is one year.

Polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.

Besides Australia, other countries which have introduced plastic notes are New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.

Source (http://www.ummid.com/news/2012/August/24.08.2012/rbi_on_polymer_notes.htm)
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on August 24, 2012, 04:42:35 PM
I'm confused. Have those polymer Rs 10 banknotes already been printed or yet to be printed? (After the said global tender etc)..if it's the latter case, then we will have to wait for few more years to actually see them. >:D

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on August 24, 2012, 05:32:37 PM
Well I think the exact introduction date and time would remain a mystery ... for so called national interest and security  >:D >:D >:D >:D

As RBI has not yet issued a press release, it would still be sometime before we see the notes ...  my guess is atleast couple of months if not more ...
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on August 24, 2012, 06:34:34 PM
My contact in RBI told me about year ago (or even before) that the polymer banknotes have already been printed and they just need government notification to start their distribution. Even many dealers were sure that they will be issued in latter half of 2011 / first half of 2012..I had even heard of their details (inset letters etc). :o however there are no such signs so far. And now reading about global tender for printing..I'm doubtful if they will come out before 2014 as tendering is quite complex process and since this issue is closely related to national security, there will be some delay..

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: paisepagal on September 24, 2012, 10:44:53 AM
I just got a polymer Rs10 note in change at my office cafeteria It just doesn't crumple up !
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on September 24, 2012, 10:54:32 AM
Ashwin,

Great news!! We need snaps. :)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: paisepagal on September 24, 2012, 10:56:56 AM
Ashwin,

Great news!! We need snaps. :)

It looks the same as the normal note...slightly glossly perhaps....else its only when i touched it, i realised.
So I don't think a snap helps
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on September 24, 2012, 11:13:59 AM
Cool..I thought there would be some change in design..never mind let me go and check in my office cafeteria. :p
Title: Re: RBI To Introduce Polymer Banknotes
Post by: paisepagal on September 24, 2012, 11:16:18 AM
or pop on over here and check it for yourself. not so far for you  :P
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on September 24, 2012, 11:31:32 AM
Why don't you go again to the cafeteria and have something ... its on me ... just get me the note ...  ;D ;D ;D

its surprising that dealers have not cornered it yet ... whats is denomination, inset and year?

and are you sure that its official release??? maybe some one got clever [like the Rs 10 hyderabad / rupee symbol coins]
Title: Re: RBI To Introduce Polymer Banknotes
Post by: paisepagal on September 24, 2012, 11:39:34 AM
Why don't you go again to the cafeteria and have something ... its on me ... just get me the note ...  ;D ;D ;D

its surprising that dealers have not cornered it yet ... whats is denomination, inset and year?

and are you sure that its official release??? maybe some one got clever [like the Rs 10 hyderabad / rupee symbol coins]

Rs 10 without symbol  P 47B 842065 dated 2011 ....I don't collect notes, so I don't know if this is right....but I can certainly feel this note is different...like singaporean notes
 
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on September 24, 2012, 11:57:57 AM
or pop on over here and check it for yourself. not so far for you  :P

Yeah I am excited to see the note but I will only get free late in the evening as I walked in late today & I must complete my 9 hours. :p
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on September 24, 2012, 12:03:03 PM
Rs 10 without symbol  P 47B 842065 dated 2011 ....I don't collect notes, so I don't know if this is right....but I can certainly feel this note is different...like singaporean notes

Thanks, whats the year of printing at the back?
Title: Re: RBI To Introduce Polymer Banknotes
Post by: paisepagal on September 24, 2012, 12:15:42 PM
err, there's another year of printing ?? I can only see 2011 at the bottom centre
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on September 24, 2012, 12:32:23 PM
err, there's another year of printing ?? I can only see 2011 at the bottom centre

Sorry, didn't read it properly the first time around, ya 2011  :-[ ... it means the notes were printed quite sometime back and put into circulation only now ...  :)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on October 08, 2012, 09:52:50 AM
Any other lucky ones who got it in the cafeteria ... this has still not made way to dealers ... so it looks like the Govt took real efforts to put this directly into circulation ... but then it did not anticipate collector-horders who did not pass it ahead in circulation but kept it with themselves ... any one looking for charity giving ... [i am open to getting a few of these notes ... in the name of God, please spare me a polymer note  ;D ;D ;D ]
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on October 08, 2012, 10:12:39 AM
Dheer,

I don't think these notes are widely circulating in the market as of now, not at least in Mumbai. I think Ashwin is the only lucky guy on this forum to get this note in circulation as of now. The only option is to keep our eyes open and inform others if we do get this note.
Title: Re: RBI To Introduce Polymer Banknotes
Post by: akhedia on October 08, 2012, 10:15:14 AM
Polymer notes are yet to have started getting printed  leave aside being circulated...........
Title: Re: RBI To Introduce Polymer Banknotes
Post by: paisepagal on October 08, 2012, 10:32:45 AM
Polymer notes are yet to have started getting printed  leave aside being circulated...........

I showed my bro the Rs10 note , he said it did feel different, thicker perhaps...but he think's its not polymer. Now he's a amateur note collector, but he knows more than me ////
He did give me one solution though....try to tear the note and see what happens.... I'm tempted to...but if its polymer as i think it is I don't want to damage it  :-\ :-\ :-\
So I'll just hold on to it, till I come across the next polymer ....which may or may not ever happen
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on October 08, 2012, 10:44:32 AM
Can you post a high resolution picture?

Well one can clearly make out the difference between paper and polymer ... the feel is different ... normally the water mark window is also a give away ... one can see the plastic ... the other way by damaging is try to scratch at one corner with nail ... on polymer, the ink will come into your finger nail ... one paper nothing will happen ... ofcouse you can also fold and check ... another test is put this in water, the paper one will get soaked but the polymer one will not be soaked and will come out clean ...
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on October 08, 2012, 10:51:15 AM
I think the water test sounds promising.  >:D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Abhay on October 08, 2012, 01:42:46 PM
I have about 50 Polymer notes from different countries, and one feature, common to almost all the Polymer notes, is the presence of Transparent widow, with a watermark.

So, in all probability, the Indian Polymer notes will also have a transparent window, which should make the note easily identifiable.

Abhay
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on October 08, 2012, 01:50:39 PM
Very true ... but if we are to assume that there is no change in the design of the note ... then we have the white water mark window replaced with the cream color water mark window from the Gandhi series ... and there may lie the difficulty ... there is no surface that is not painted / colored ... but then in such a case how is the water mark obtained needs to be seen ... to my understanding in polymer notes its easy to have the water mark in the transperent window but getting it in colored window well ....

paiseje ... need the photos ASAP or the note itself gifted to note collectors  to make a judgement :)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: paisepagal on October 12, 2012, 10:17:34 AM
So the suspense was killing me, and I dipped the note partially into a glass of water like someone suggested...at first, it seemed ok...but then I left it in longer....and it has absorbed the water  :'( ...False alarm everybody  :-[ :-[ I guess the search continues !
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on October 12, 2012, 11:29:50 AM
Looks like akhedia is right then ...

Thanks for confirming ... so looks like you got a batch of note that used a thicker paper ... or a different paper ... although fakes are known but not in lower denomination ...

I had few thicker notes where even the security thread had not partially come out ... overall the paper was thicker ...
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on October 12, 2012, 03:37:25 PM
Quote
although fakes are known but not in lower denomination

I have received fake Rs 10 banknotes couple of times..the paper was thicker but of much lower quality than that or original note. You can feel the difference just by touching it. Still have one lying somewhere here..

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: akhedia on October 12, 2012, 05:33:19 PM
I have received fake Rs 10 banknotes couple of times..the paper was thicker but of much lower quality than that or original note. You can feel the difference just by touching it. Still have one lying somewhere here..

Aditya

Never came across a fake Banknote in small denomination. It would be great if you could post a picture
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on October 12, 2012, 05:51:51 PM
I'm trying to find it but efforts in vain so far..Actually my Mom had got it in change and she immediately noticed something strange with it and since I collect weird things ;D she gave it to me..I'm 99% sure it was fake. The paper quality was so bad that I wonder if it was a color printout on a thick paper? Gotta find it now.

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: $$ on October 15, 2012, 06:06:03 AM
Even i do have 2 notes of 10 Rs signed by R.N.Malhotra

Samir
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Abhay on October 15, 2012, 06:46:00 AM
Never came across a fake Banknote in small denomination. It would be great if you could post a picture

Your wish is fulfilled.  ;) ;)
Here are fake currency Notes of 1, 2 and 10 rupees.

Abhay
Title: Re: RBI To Introduce Polymer Banknotes
Post by: akhedia on October 15, 2012, 07:02:36 AM
Thanx Abhay........Lovely notes.........Looks as if lot of different Rupper stamps have been used for the serial nos, Signatures etc ;D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Coinsforever on October 15, 2012, 07:14:05 AM

Here are fake currency Notes of 1, 2 and 10 rupees.


Paper , color , ink color & crude serial nos with signature can easily differentiate these fake notes  from genuine one.

Early I posted here ,  In India most of fakes currency of small denomination are being circulated in big whole sale & retail vegetable /fruits markets (usually in north part nomenclature as  Subzi mandi's (https://www.google.co.in/search?q=subzi+mandi+photos&hl=en&biw=1366&bih=643&prmd=imvns&tbm=isch&tbo=u&source=univ&sa=X&ei=VZt7UOeaF8WsrAf5rYHYCQ&ved=0CCIQsAQ))

Cheers ;D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mackie on October 15, 2012, 08:30:02 AM
Reminds me of the fake currency we use in most of the Indian board games.  ;D
Title: Re: RBI To Introduce Polymer Banknotes
Post by: aarkay on October 15, 2012, 10:19:06 AM
Hi….

Will these be with the distinctive water marks,security thread and other usual safety measures..... will the Polymer Banknotes be for all the notes or only lower denomination notes...will it be easy to counterfeit……a few questions bothering me….as it is the transport organization BEST in Bombay refuses to accept 500 and 1000 rupee note for tickets and if forced to accept to get  the balance change one has to visit the BEST HQ to fill up a form (thankfully not in duplicate ;D )giving personal details along with the note number etc……a cumbersome process indeed   >:D

Aarkay

Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on October 15, 2012, 02:48:05 PM
Great Abhay ... didn't knew that there were fakes in Rs 1 and Rs 2 denomination ...

I have come across fakes of Rs 20 and Rs 50 in circulation ... too bad didn't keep this aside ...
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Anupam Agrawal on November 03, 2012, 03:37:53 PM
With poorer countries already introduced polymer banknotes years ago, its a shame that the Reserve Bank of one of the fastest developing country has succeeded in only creating hype and still the note is not released.

We all know about forgery threat with Indian banknotes, but still its the weakness of the officials and the government that we are kept waiting for such thing which has already been in circulation in various countries.  ???
Title: Re: RBI To Introduce Polymer Banknotes
Post by: @josephjk on April 03, 2013, 10:34:11 PM
One more news item....from April 3

http://arabia.msn.com/news/world/1767692/india-prepares-introduce-plastic-bank/
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Enlil on April 04, 2013, 07:00:42 AM
Actually, the only third world country that has a full set of polymer is Vietnam, PNG. And most countries still do not issue in polymer. With only Australia, New Zealand, Romania and the two above issuing a full set. And the best thing, the world leading and most advanced economy has problems putting a little colour into their banknotes.
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on April 04, 2013, 07:18:20 AM
And the best thing, the world leading and most advanced economy has problems putting a little colour into their banknotes.

LOL! >:D

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: malj1 on April 04, 2013, 01:09:43 PM
Actually, the only third world country that has a full set of polymer is Vietnam, PNG. And most countries still do not issue in polymer. With only Australia, New Zealand, Romania and the two above issuing a full set.

Papua New Guinean Kina are now issued in a full set.

A new issue of banknotes has been issued starting with the 50 kina in 1999, then the 100 kina in 2005, and 20 kina in 2007 and the 5 and 10 kina in 2008. This makes all the denominations of the kina issued in polymer.
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Enlil on April 10, 2013, 04:39:56 AM
Papua New Guinean Kina are now issued in a full set.

A new issue of banknotes has been issued starting with the 50 kina in 1999, then the 100 kina in 2005, and 20 kina in 2007 and the 5 and 10 kina in 2008. This makes all the denominations of the kina issued in polymer.
I included PNG, but I would like to know what the poeple there think of polymer!
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on January 26, 2014, 07:02:08 AM
RBI to run pilot to test plastic notes

TNN | Jan 25, 2014, 03.27AM IST

MUMBAI: The Reserve Bank of India has finally floated a tender for plastic currency notes after years of deliberation. However, the tender is only for a pilot project and a final call on introduction would be taken subject to the performance of the notes.

"We have only recently floated the tender. This requires coordination from various parties, including the government, the printing presses and the Reserve Bank of India," said a senior banker. He said the plastic notes should be launched by the middle of the year.

The official said that the biggest concern over plastic currency was that it was never tried out in such extreme weather conditions like India. The extreme weather means that the notes have to survive temperatures over 40 degrees in some states and sub-zero temperatures in parts of the Himalayas and high level of humidity in parts of the country.

In May last year, minister of state for finance Namo Narain Meena, in his reply to a Parliamentary question, said that plastic currency would first be tried out in Kochi, Mysore, Jaipur, Bhubhaneshwar and Shimla - all centres with different weather conditions. The pilot project will comprise low denomination currency notes.

The introduction of polymer notes has been discussed at the FICN (Fake Indian Currency Note) Coordination Group that has been formed in the home ministry to share information gathered by various authorities on counterfeit currency. Besides being more difficult to copy, plastic currency is far more resilient that the cotton fibre-based currency that is used at present.

RBI sources said that the average life of a Rs 10 note is around six month. Plastic currency besides, being stain proof, does not tear easily but costs more than double the cotton fibre-based currency. Several countries have tried out polymer currencies with the UK expected to introduce its first polymer banknote in 2015.

Source: Times of India (http://timesofindia.indiatimes.com/business/india-business/RBI-to-run-pilot-to-test-plastic-notes/articleshow/29324949.cms)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on January 26, 2014, 01:17:15 PM
Hopefully this time around RBI will actually print and put the notes into circulation.
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on January 26, 2014, 01:20:30 PM
Note that the tender is only for pilot project, there are fat chances that after spending millions of rupees on pilot project, they may just discard the idea of issuing polymer banknotes. ;D :P

Aditya
Title: Re: RBI To Introduce Polymer Banknotes
Post by: nomadbird on February 07, 2014, 09:31:08 PM
One hundred crore plastic notes of Rs 10 denomination will be introduced on a field trail basis in five cities in the second half of 2014, the Parliament was informed on Friday.

From http://www.financialexpress.com/news/100-crore-plastic-notes-of-rs-10-to-be-rolled-out/1224145

“One hundred crore plastic notes of the denomination of R10 will be introduced in a field trail in five cities selected for their geographical and climatic diversity. These cities are Kochi, Mysore, Jaipur, Shimla and Bhubaneswar. The field trial is expected to be launched in the latter half of 2014,” minister of state for finance, Namo Narain Meena, said in a written reply in Lok Sabha.

Plastic notes have an average life span of about five years and are difficult to imitate. Also, currency notes made of plastic are cleaner than paper notes.
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Mits on February 08, 2014, 10:35:53 AM
I hope the notes don't face the lockers of hoarders or dealers like in the case of 10R coins of 2005/2006/2007
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on August 22, 2014, 08:37:13 AM
We have one more date for polymer banknotes: 2015 ;D ;D ;D

RBI planning to introduce plastic currency notes next year

ET Bureau | Aug 22, 2014, 10.50AM IST

MUMBAI: The Reserve Bank of India (RBI) is planning to introduce plastic currency notes next year on a pilot basis and improve security features to defeat the efforts of counterfeiters. It also aims to set up a national bill payments system that could eliminate middlemen and bring in efficiencies.

"The Reserve Bank of India is also looking at other alternatives for improving the life of bank notes,'' the central bank said in its annual report for 2013-14. The central bank floated a tender for plastic currency notes in January after years of deliberation. Depending on the trial, the notes should be introduced widely next year.

"Plastic notes are coming... Tender bids have come for 1 billion notes. In five cities, pilot testing would be done, including Shimla," RBI governor Raghuram Rajan said in May after a board meeting in Shimla. "In 2015, it would be launched based on the results of pilot testing."

Plastic notes are stain proof and don't tear easily. Several countries have tried using polymer-based currency notes, although these are costlier than cotton-fibre based paper currency.

The plastic notes may be introduced in Kochi, Mysore, Jaipur, Bhubaneswar and Shimla - centres with different weather conditions. Notes of low denomination will be used in the pilot project.

[...]

Source: Times of India (http://timesofindia.indiatimes.com/business/india-business/RBI-planning-to-introduce-plastic-currency-notes-next-year/articleshow/40662815.cms)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: dheer on August 22, 2014, 10:09:13 AM
So now polymer look out and plastic look in ... lets see if the notes see the light of the day this year.
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on March 18, 2017, 05:30:04 AM
Plastic currency notes of Rs 10 to be launched soon: RBI

Posted at: Feb 27, 2017, 5:04 PM; last updated: Feb 27, 2017, 5:04 PM (IST)

Our Correspondent
Jaipur, February 27

The Reserve Bank of India on Monday said plastic currency of Rs 10 denomination would be introduced soon as it has got clearance from various departments and the process of printing will take place soon.

The Central government had in December informed in Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities selected for their geographical and climatic diversity.

The selected cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.

The RBI has got clearance to introduce plastic currency of Rs 10 denomination.

A tender process to acquire plastic, ink, etc would be worked out soon, RBI Deputy Governor Subhash S Mundra told a press conference here.

“New currency would be printed at one place and it would be launched as per its pilot project through RBI offices, including Jaipur and Mundra,” he said.

On bringing back Rs 1000 note, he said, there was no such proposal yet. He did not comment on whether Rs 2000 note would be withdrawn.

The exchange of demonetised currency notes was still available to NRIs at the scheduled places as per the RBI guidelines, and other centres can not be included fresh, he clarified.

After holding meetings with the RBI officials and heads of banking industry in Jaipur, Mundra said there were 952 villages in Rajasthan having population of more than 5000, of which 171 villages had no bank branch.

“With new instructions to the banks, about 15 villages got a bank and more would come up soon. Fifty per cent of new currency was being sent to villages in Rajasthan, he said. 

As compared to November and December, about 60 per cent currency has been distributed to banks and the situation is quite satisfactory, he said.

“I am confident that it is question of few more days and we will have near normalcy in banks and ATMS,” he said.

When asked about what was the logic to distribute more currency to private banks than public sector banks after November 8, he said, “The currency was not distributed randomly or at whim and fancy. Money was given to all banks without any favouritism and partiality,” he said.

Source: Tribune India (http://www.tribuneindia.com/news/nation/plastic-currency-notes-of-rs-10-to-be-launched-soon-rbi/370202.html)
Title: Re: RBI To Introduce Polymer Banknotes
Post by: Figleaf on March 18, 2017, 10:53:04 AM
The rest of the article made me philosophical about the word "soon" in the first sentence...

A Spaniard and an Irishman were comparing the richness of their respective languages. "Is there anything in Gaelic that has the rich meaning of mañana in Spanish?", the Spaniard asked rhetorically? "We have a couple of words that would cover it," answered the Irishman thoughtfully, than conceded "but none have the same sense of urgency."

Peter
Title: RBI To Introduce Polymer Banknotes
Post by: Bimat on March 16, 2018, 04:39:19 PM
Government today once again informed parliament that polymer ₹10 will be introduced soon on trial basis in few select cities. ;D

9 years and counting, but no sight of the new notes. Only new deadlines. ::)

Aditya