Advertisement

HindustanTimes Wed,23 Apr 2014

RBI to introduce Rs. 10 plastic notes

PTI  New Delhi, September 08, 2009
First Published: 18:41 IST(8/9/2009) | Last Updated: 18:43 IST(8/9/2009)

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.

Advertisement

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.

Advertisement
more from Business

TCS, Mitsubishi to form software services company

India's largest IT services exporter Tata Consultancy Services has signed a pact with Japan's Mitsubishi Corp to create a Japanese software services provider, the companies said in a statement.
markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved