RBI to introduce polymer currency note of Rs 10

18-Apr-13

The Reserve Bank of India (RBI) will execute a union government's mandate to introduce plastic/polymer currency note of Rs 10 on a field trial basis in five cities in India. Depending on the success of the move and how these notes work, the RBI will then decide on the next denomination of such notes that have to be brought out, KC Chakrabarthy, deputy governor, RBI said. "It will not be tomorrow. There is a process involved," he said. "The process of introducing plastic notes has commenced. Tenders have to be called," he said, without sticking to a time frame when these notes to be introduced in distinct geographical regions of the country identified by the apex bank will become a reality. The RBI proposed to conduct field trials of Rs 10 polymer banknotes in five cities - Simla, Kochi, Jaipur, Bhubhaneshwar and Mysore. The field trials will be carried out in these places keeping in view the varied geographical locations and climatic conditions there.