Government approves introduction of one billion polymer banknotes of Rs 10 and 20
The government has approved polymer banknotes for field trials and regular issuance. Inflation has declined steadily, though recent pressures exist. The Goods and Services Tax Council introduced a two-rate structure for goods. Customs duty and excise duty reductions aim to contain price pressures. Disposable income increased, supporting household consumption and economic growth.
The Indian government has approved the introduction of one billion polymer banknotes, in denominations of Rs 10 and Rs 20, for field trials, as informed to Parliament on Tuesday. The Reserve Bank of India (RBI), following a recommendation from its central board, submitted a proposal to the government under Section 25 of the Reserve Bank of India Act, 1934, for the introduction of one billion pieces of each polymer denomination for field trials and ongoing issuance, should the trials be successful. Finance Minister Sitharaman responded to these developments in a written reply to the Rajya Sabha.
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