RBI To Introduce Polymer Banknotes

[Bimat]

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

Note : Check RBI press release regarding polymer banknotes here: http://rbidocs.rbi.org.in/rdocs/content/PDFs/PFEOI080909.pdf

[asm]

Aditya,
Did you see how RBI has conveniantly forgotton Bangladesh from the list of countries that have already introduced Polymer notes?
Amit

[Bimat]

Did you see how RBI has coneniantly forgotton Bangladesh from the list of countries that have already introduced Polymer notes?

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

[Figleaf]

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

[asm]

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

[Bimat]

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

[Ukrainii Pyat]

I would think that the polymer notes are less likely to be germ carriers - a big advantage in a tropical climate.

[Bimat]

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

[Bimat]

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! )

Aditya

[Enlil]

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.

[Bimat]

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

[Bimat]

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

(Check the link for complete article and images)

[Bimat]

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

[Coinsforever]

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

[Bimat]

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