The Reserve Bank of India’s currency printing arm has invited proposals to make polymer based banknotes, ET reported last week. The polymer option can be more durable and secure, with environmental and cost benefits. Every year, India destroys tens of billions of notes worn down by use, and thousands of fake Rs 500 notes enter the banking system. Polymer has helped several countries fight these battles, and could do the same for India.
India destroys billions of notes every year
In the past decade, India has junked notes worth nearly Rs 50 trillion.
