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RBI to introduce Rs 10 plastic notes in five cities soon

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The Reserve Bank of India (RBI) will soon introduce plastic notes of Rs 10 in five cities of the country.

These cites, with diverse geographical and climatic conditions, will be the first one to use the plastic notes of Rs 10.

The new notes would be available for trial in Kochi, Mysuru, Jaipur, Shimla and Bhubaneswar, reported The Hindu.

“Plastic bank notes are expected to last longer than cotton substrate-based ones,” said Arjun Ram Meghwal, minister of State for Finance.

“The Finance Ministry has asked the RBI to go ahead with the procurement of the requisite plastic substrate material and approved the printing of Rs 10 notes,” added Meghwal.

“Over the years, central banks across the world have been exploring different solutions for extending the life cycle of bank notes. These include introduction of plastic ones and other developments in substrates for enhancing durability including use of natural fibre blends and varnish,” he added.

 “It has been decided to conduct a field trial with plastic bank notes at five locations of the country. Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic substrates has been conveyed to RBI,” he said.

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