India eyes plastic notes: How govt plans to keep polymer currency secure from China, Pakistan influence
Bharatiya Reserve Bank Note Mudran Private Limited, the currency-printing subsidiary of the RBI, has shared a global Expression of Interest inviting domestic and foreign manufacturers to supply opacified polymer substrate sheets. Here's what it means.
India is set to introduce polymer banknotes, starting with low-denominations, according to reports. BRBNMPL, a subsidiary of the Reserve Bank of India, has invited global bids for polymer substrate sheets with security features. Bidders must sign a confidentiality agreement and a no-agent pact, separating their Indian operations from those in China and Pakistan.
The required material must include security features such as a clear window, metallic numeral, magnetic pseudo-thread, shadow image, and iridescent pattern. India aims for a mix of polymer and conventional cotton-based currency, with ₹10 and ₹20 likely to be the first denominations in polymer form. Polymer banknotes are touted for their durability and enhanced security compared to traditional cotton-based notes.
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