Union Finance Minister permits RBI to test plastic notes
Q. RBI will create polymer based currency notes of which denomination?- Published on 20 Mar 17
a. INR 5
b. INR 10
c. INR 20
d. INR 25
ANSWER: INR 10
The Union Finance Ministry has given permission to the Reserve Bank of India to conduct field trials of plastic currency notes of INR 10 denomination.
These notes will be introduced in 5 cities across the country with diverse climatic and geographical conditions.
The procurement of the requisite plastic substrate material has been approved. Plastic INR 10 notes will now be printed.Benefits of Plastic Currency Notes
- Plastic currency notes were first used by Australia in 1988
- Plastic notes are cleaner than paper and will last longer (around 5 years); these are difficult to counterfeit.
- These notes are now used in more than 20 countries.
- Notes were smaller and stronger than cotton based paper notes.
- They have more security features making them harder to copy.