The Reserve Bank of India (RBI) has submitted a proposal to the Ministry Of Finance and Ministry of Home Affairs for clearance. Upon clearance, RBI will float global tender for introduction of polymer bank notes," as per Deputy Governor KC Chakrabarty in IANS. RBI plans to conduct field trials of Rs 10 polymer bank notes in five cities -- Mysore, Kochi, Jaipur, Shimla and Bhubaneswar.
Polymer notes have relatively longer life compared to the prevailing paper bank notes and may help in checking counterfeiting. The average life span of polymer currency notes is five years while the paper currency notes is one year.
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