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  Business   Economy  17 Mar 2017  RBI to conduct field trials of plastic notes of Rs10

RBI to conduct field trials of plastic notes of Rs10

PTI
Published : Mar 17, 2017, 5:08 pm IST
Updated : Mar 17, 2017, 5:08 pm IST

Arjun Ram Meghwal said that plastic notes are expected to last longer than cotton substrate based banknotes.

Reserve Bankof India
 Reserve Bankof India

New Delhi: The government today said the RBI has been authorised to conduct field trials of plastic notes of Rs 10 that have a longer life span. In a written reply in the Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said "it has been decided" to conduct a field trial with plastic banknotes at five locations of the country.

"Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic banknote substrates has been conveyed to the RBI," the minister said.

 

He further said plastic notes are expected to last longer than cotton substrate based banknotes. Over the years, central banks across the world have been exploring different solutions like plastic notes and other developments in banknote substrates for extending the life cycle of banknotes.

The minister also said an inter-disciplinary Standing Committee on Cyber Security has been constituted to review the threats inherent in the existing and emerging technology and suggest appropriate policy interventions to strengthen cyber security and resilience.

Tags: reserve bank of india, plastic notes, arjun ram meghwal
Location: India, Delhi, New Delhi