Government allows RBI to print Rs 10 plastic notes

Posted on:18 Mar 2017 17:53:18
Government allows RBI to print Rs 10 plastic notes
18 March 2017 Current Affairs: The Union Finance Ministry has given permission to Reserve Bank of India (RBI) to conduct field trials of plastic (polymer-based) currency notes of Rs 10 denominations. It was announced by Union Minister of State (MoS) for Finance Arjun Ram Meghwal in a written reply in the Lok Sabha. 

These notes will be first introduced in five cities (not yet declared) across the country with diverse geographical and climatic conditions. The Finance Ministry has asked the RBI to go ahead with the procurement of the requisite plastic substrate material and approved the printing of plastic Rs. 10 notes. The plastic notes are considered to be cleaner than paper (cotton substrate-based) currency notes. They will last longer (average life span of about 5 years) and are difficult to counterfeit.

Under the previous UPA Government, Parliament was told in February 2014 about a plan to print one billion plastic notes of Rs. 10 denomination for a field trial in five cities viz. Kochi, Mysuru, Jaipur, Shimla and Bhubaneswar. Note: Plastic currency notes were first adopted by Australia in 1988 and are now used in more than 20 countries. These notes are smaller and stronger than cotton-based paper notes. They also have more security features that make them harder to counterfeit.
The Union Finance Ministry has given permission to Reserve Bank of India (RBI) to conduct field trials of plastic (polymer-based) currency notes of Rs 10 denominations. It was announced by Union Minister of State (MoS) for Finance Arjun Ram Meghwal in a written reply in the Lok Sabha. 

These notes will be first introduced in five cities (not yet declared) across the country with diverse geographical and climatic conditions. The Finance Ministry has asked the RBI to go ahead with the procurement of the requisite plastic substrate material and approved the printing of plastic Rs. 10 notes. The plastic notes are considered to be cleaner than paper (cotton substrate-based) currency notes. They will last longer (average life span of about 5 years) and are difficult to counterfeit.

Under the previous UPA Government, Parliament was told in February 2014 about a plan to print one billion plastic notes of Rs. 10 denomination for a field trial in five cities viz. Kochi, Mysuru, Jaipur, Shimla and Bhubaneswar. Note: Plastic currency notes were first adopted by Australia in 1988 and are now used in more than 20 countries. These notes are smaller and stronger than cotton-based paper notes. They also have more security features that make them harder to counterfeit.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs 2018 October

19 OCTOBER
NEWS
18 OCTOBER
NEWS
17 OCTOBER
NEWS
16 OCTOBER
NEWS

Current Affairs 2018 September

30 SEPTEMBER
NEWS
29 SEPTEMBER
NEWS
28 SEPTEMBER
NEWS
27 SEPTEMBER
NEWS

Current Affairs 2018 August

31 AUGUST
NEWS
30 AUGUST
NEWS
29 AUGUST
NEWS
28 AUGUST
NEWS