Modi govt set to introduce plastic notes, 5 cities selected for trial

new-notesIt was revealed that the Government is all set to introduce one billion plastic notes of Rs 10 denomination on a trial basis in 5 Indian cities: Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.

Based on the outcome of the trial, more plastic notes would be printed, and distributed all over the country.

This trial run of polymer based plastic notes is being done to check and analyze the climatic and geographical implications on the usage and longevity of the notes.

As per Government estimates, one out of five currency notes are destroyed every year, which translate into losses worth Rs 2 lakh crore, every 12 months. During 2011-12, 13 billion units of Indian currency were deemed unfit to use, thereby inciting direct losses to the Government.

Scribbling on notes, soiling, humid conditions etc are some of the reasons which destroy currency notes.

Introduction of plastic notes will certainly help in tackling this problem, and increase shelf-life of the currency notes. Already countries like Singapore, Canada, Australia, New Zealand, Malaysia, Vietnam, Fiji, Brunei, Papua New Guinea and Romania have been using plastic notes, and the results are excellent.

Increased Currency Note Lifetime

As per Gerry Wilson of Australia-based Commonwealth Scientific and Industrial Research Organization (CSIRO), plastic notes directly increase the life-time of currency units by 4 times; which means that more than Rs 8 lakh crore can be saved every 4 years, if we implement plastic notes all over.

Fighting Counterfeiting

Additionally, if Indian Government decides to implement plastic notes all over the country, for every denomination, then it will also help us to fight counterfeiting.

As per Ashvin Parekh from Ernst & Young’s Partner & National Leader (Global Financial Services), production of plastic notes is a highly complicated process, and creating fake units would be close to impossible as the notes are already embedded with anti-counterfeiting features.

In countries like Australia and Canada, the menace of counterfeiting has almost ended, solely due to the increased usage of plastic notes.

Faster Production

Polymer based currency notes can be produced at a faster rate. As per some estimations done by Commonwealth Scientific and Industrial Research Organization (CSIRO), plastic notes can be manufactured 10 time faster compared to traditional paper based notes.

 

Besides, plastic notes are also environmental friendly, and can be recycled easily.

नई दिल्ली. केंद्र सरकार अब जल्द ही प्लास्टिक के नोट भी छापेगी। शुक्रवार को संसद में इसकी जानकारी देते हुए वित्त राज्य मंत्री अर्जुन राम मेघवाल ने कहा कि इसके लिए तैयारी शुरू कर दी गई है। अर्जुन राम मेघवाल ने कहा कि प्लास्टिक और पॉलिमर आधारित नोट छापने का फैसला लिया जा चुका है और इसके लिए मैटीरियल भी खरीदा जा रहा है। एक सवाल के जवाब में उन्होंने कहा, “रिजर्व बैंक लंबे समय से योजना बना रहा है कि फील्ड ट्रायल के बाद प्लास्टिक करंसी लॉन्च की जाए।’ फरवरी 2014 में कही थी फील्ड ट्रायल की बात...

– फरवरी 2014 में सरकार ने संसद को बताया था कि 10 रुपए के एक अरब नोट 5 चुनिंदा शहरों में फील्ड ट्रायल के लिए लॉन्च किए जाएंगे।
– इन शहरों का चयन भौगोलिक स्थिति और वातावरण की विविधता के आधार पर किया गया है।
– सरकार ने कहा कि कोच्चि, मैसूर, जयपुर, शिमला और भुवनेश्वर का चयन फील्ड ट्रायल के लिए किया गया है।

 

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