Sunday, September 4, 2011

Will there be Plastic Currency Notes ?

There is a good news for all Indian as the Government of India is going to introduce the plastic currency note which will not only make sure that it is harder for forge notes to circulate in India but also make sure your husband is not angry on you because you missed checking his pocket for forgotten notes.
According to the Reserve Bank of India:
Though RBI did talk about it on
Feb 24 2011,
“We are planning to try this out on a pilot basis starting with a plastic note in the 10 denomination, which we will distribute out of five of our regional offices in the country including our Bhubaneswar office. During the pilot phase, we need to study not only the relative costs but also the carbon footprint associated with the recycling and disposal of plastic notes vis-à-vis paper notes. If the pilot proves successful, we will mainstream the use of plastic currency. ”
Current plan is to Rupees 10 Plastic note and see how it goes. As of now, seven countries have converted fully to polymer banknote. They are Australia, Bermuda, Brunei, New Zealand, New Guinea, Romania and Vietnam. However there are many countries like Singapore, Malaysia, Nepal, Mexico, Brazil etc where the plastic currency introduced as a trial basis.

What is Plastic Currency:
These are the currency note made up of plastic instead of paper. This plastic is not regular plastic but is called as Polymer Bank Note, which is thin like Paper but very hard to either tear off and definetly does not get wet in water. It was first introduced by Reserve Bank of Australia (RBA) in 1993.
How Plastic Currency are made ?
It is a four step process where First plastic is made opaque then made ready for printing. Once Printing is done, it is coated with varnish so it does not get wet.
Advantages of Plastic currency note:
§ It will help the government to check out the fake currency problem as the technology used to create this one is very high and cannot be easily forged.
§ The performance of the Plastic currency note will be better as the paper currency note but government needs to take care of recycling.
§ Plastic currency note is durable and can be used 4-5 times more than Paper currency note.
§ They are Eco-friendly, so it will be good for environment also.
§ Now, you need not to count the note with the help of water or saliva.
§ They can be washed if they become dirty, So no more holi colors.
Courtesy :

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