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To increase the life of bank notes, RBI has proposed to overhaul all of the currency notes including Rs. 2000, Rs. 500, Rs. 200 and Rs 100. The new notes will be varnished and introduced on a field trial basis. The procedure has been experimented internationally and citing that it is noted that banknote's durability as well as life increases with varnishing.
The report by the RBI said, "...., reduce the banknote replacement requirements and thereby lower the overall security printing expenditure"."It is proposed to introduce varnished banknotes on a field trial basis," it added.
The RBI's agenda for 2017-18 included, "procurement of Currency Verification and Processing System (CVPS)/Shredding and Briquetting Systems (SBS); introduction of new series banknotes in other denominations; procurement of security features; and introduction of varnished banknotes." The revamped notes was on the agenda of the RBI and it found its place as the Currency Management chapter of RBI annual report 2016-17.
The decision to the effect of introducing new Rs. 100 varnished bank notes may be taken up in the RBIs meet today. On a more recent basis, banks have begun circulating Rs. 100 lavender coloured bank notes.
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