India orders 1 billion pieces of Rs 10 polymer notes

12-Mar-10

The Reserve Bank of India (RBI) has placed an order with Australia for the supply of one billion pieces of Rs 10 polymer notes to India this year. Polymer notes are non-cellulosic in nature and thus cannot lead to the growth of microbes. If they become dirty they can simply be wiped or washed. There is no danger of the notes getting destroyed by water. The notes are more durable than paper ones and do not get mutilated easily, eliminating the problem of replacing the notes at regular intervals. As of now, it is very difficult to produce counterfeit plastic notes and will help to counter the growing problem of fake notes. Australia was the first country to start the use of plastic notes in 1988, and finished converting all its currency notes into plastic in 1996.Other countries that have followed Australia's example and have introduced plastic currency notes include HongKong, Brazil, Sri Lanka, Romania, New Zealand and Northern Ireland.