India’s apex bank - Reserve Bank of India (RBI) plans to introduce polymer banknotes. These new notes of denomination Rs 10, will have a life span about four time longer than the normal paper currency in circulation at present. These notes will also be difficult to counterfeit. The initial quantity targeted by the apex bank is 100 crore pieces of Rs 10, for which it has floated a global tender.
Polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.