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Author Topic: RBI To Introduce Polymer Banknotes  (Read 13466 times)

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Offline Bimat

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RBI To Introduce Polymer Banknotes
« Reply #75 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
Caution. The low-hanging fruits are still there maybe for a reason.

Offline dheer

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Re: RBI To Introduce Polymer Banknotes
« Reply #76 on: January 26, 2014, 01:17:15 PM »
Hopefully this time around RBI will actually print and put the notes into circulation.
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Offline Bimat

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RBI To Introduce Polymer Banknotes
« Reply #77 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
Caution. The low-hanging fruits are still there maybe for a reason.

Offline nomadbird

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Re: RBI To Introduce Polymer Banknotes
« Reply #78 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.
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Offline Mits

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Re: RBI To Introduce Polymer Banknotes
« Reply #79 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
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Offline Bimat

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RBI To Introduce Polymer Banknotes
« Reply #80 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
Caution. The low-hanging fruits are still there maybe for a reason.

Offline dheer

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Re: RBI To Introduce Polymer Banknotes
« Reply #81 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.
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Offline Bimat

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RBI To Introduce Polymer Banknotes
« Reply #82 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
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Figleaf

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Re: RBI To Introduce Polymer Banknotes
« Reply #83 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
An unidentified coin is a piece of metal. An identified coin is a piece of history.