Govt Clears RBI Pilot for ₹10 and ₹20 Polymer Banknotes
The Government of India has taken the first formal step towards the possible introduction of polymer banknotes after approving the Reserve Bank of India's proposal to conduct field trials of polymer-based ₹10 and ₹20 notes. The Ministry of Finance has authorised the RBI to print one billion pieces (one hundred crore) each of the ₹10 and ₹20 polymer banknotes for pilot circulation across selected regions of the country. The approval was confirmed by the Minister of State for Finance, Shri Pankaj Chaudhary, in a written reply to questions raised in the Lok Sabha. According to the government, the RBI intends to introduce the polymer banknotes on a trial basis to evaluate their performance under India's diverse climatic and circulation conditions. The pilot project will assess factors such as durability, resistance to wear and tear, public acceptance, machine compatibility, and overall cost-effectiveness before any decision is taken on a wider rollout. The RBI has maintained that...