Author Topic: RBI To Introduce Polymer Banknotes  (Read 19717 times)

0 Members and 1 Guest are viewing this topic.

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 153
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI To Introduce Polymer Banknotes
« Reply #15 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
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline srinath

  • Senior Member
  • ***
  • Posts: 148
Re: RBI To Introduce Polymer Banknotes
« Reply #16 on: July 10, 2012, 10:25:24 AM »
Obviously when its a govt job, everyone know how soon its gonna be  :P

Offline srinath

  • Senior Member
  • ***
  • Posts: 148
Re: RBI To Introduce Polymer Banknotes
« Reply #17 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

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 505
  • Mumbai, India.
RBI To Introduce Polymer Banknotes
« Reply #18 on: July 10, 2012, 11:14:49 AM »
There won't be any change in the design. Just a new material..

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline sdchaugule

  • Senior Member
  • ***
  • Posts: 175
  • sdchaugule
Re: RBI To Introduce Polymer Banknotes
« Reply #19 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



Offline Mackie

  • Mumbai, India
  • Meritorious Member
  • ****
  • Posts: 553
Re: RBI To Introduce Polymer Banknotes
« Reply #20 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
Warm Regards,
Mackie

Offline asm

  • Honorary Member
  • *****
  • Posts: 6 763
  • Ahmedabad, India
Re: RBI To Introduce Polymer Banknotes
« Reply #21 on: July 11, 2012, 12:57:44 PM »
I hope thay are not pointing fingers at us collectors........ :-[ :P

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 153
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI To Introduce Polymer Banknotes
« Reply #22 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 ...
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline srinath

  • Senior Member
  • ***
  • Posts: 148
Re: RBI To Introduce Polymer Banknotes
« Reply #23 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 ...

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 505
  • Mumbai, India.
RBI To Introduce Polymer Banknotes
« Reply #24 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
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Mackie

  • Mumbai, India
  • Meritorious Member
  • ****
  • Posts: 553
Re: RBI To Introduce Polymer Banknotes
« Reply #25 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
« Last Edit: July 21, 2012, 01:41:47 PM by Mackie »
Warm Regards,
Mackie

Offline dheer

  • Moderator
  • Honorary Member
  • *****
  • Posts: 3 153
  • Indian Coins & Currencies
    • Coins of Republic India
Re: RBI To Introduce Polymer Banknotes
« Reply #26 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 ...
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Mackie

  • Mumbai, India
  • Meritorious Member
  • ****
  • Posts: 553
Re: RBI To Introduce Polymer Banknotes
« Reply #27 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
Warm Regards,
Mackie

Offline kansal888

  • Honorary Member
  • *****
  • Posts: 1 519
Plastic Currency
« Reply #28 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

Offline Mackie

  • Mumbai, India
  • Meritorious Member
  • ****
  • Posts: 553
Re: RBI To Introduce Polymer Banknotes
« Reply #29 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
Warm Regards,
Mackie