New Delhi: The central government has decided to print plastic currency notes to stop fake notes transaction. The procurement has started for the same, Minister of State for Finance Arjun Ram Meghwal said in Parliament on Friday.
The new plastic notes would be printed on a base of plastic or polymer, Meghwal said in a written reply in Lok Sabha. The RBI has been planning to launch plastic currency note since a long time.
In February 2014, the government had informed Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities like Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
Plastic notes have an average life span of about five years and are difficult to imitate. Such notes were first introduced in Australia to safeguard against counterfeiting.