Atiya Mujeeb
Jammu, July 29: The Central Government has approved the Reserve Bank of India’s proposal to print 2 billion polymer banknotes in the first phase for field trials, the Lok Sabha was informed.
Minister of State for Finance Pankaj Chaudhary said the initial batch will consist of 1 billion ₹10 notes and 1 billion ₹20 notes. Following successful field testing, the new notes will be introduced into regular circulation. He, however, clarified that polymer notes are not intended to replace paper currency, and both types of banknotes will continue to remain in circulation.
The RBI has initiated the process of procuring material for the polymer notes. Officials said the launch may take a few months as the government and the central bank are ensuring that all security and quality standards are met before the notes are issued.
The minister also informed Parliament that international studies have shown polymer banknotes have a significantly longer lifespan than paper notes. He added that the introduction of polymer currency is currently at a preliminary stage.
