RBI gears up for trial of plastic notes

Posted By: Religare
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RBI gears up for trial of plastic notes
As the proposal of introduction of plastic or polymer currency notes inches closer, Reserve Bank of India has a task in hand to dispose of soiled paper currency bills worth an estimated amount of over Rs two lakh crore a year.

Though, the exact figure is not available for the last fiscal 2012-13, but it is estimated that the number of soiled currency notes has remained above 13 billion for at least three financial years.

According to RBI latest data, on an average, one out of five paper notes in circulation (over 20 %) gets disposed of every year after getting soiled and the number of such soiled currency bills stood at over 13 billion units during the fiscal ended March 31, 2012.

RBI has planned to introduce plastic or polymer currency notes, depending on the success of a trial pilot project, although a timeline is yet to be decided.

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