PLASTIC CURRENCY, POLYMER NOTES IN INDIA
Paper notes are going to be a part of memories with the RBI (Reserve Bank of India) planning to introduce 1 billion Rs 10 polymer notes. The average life span of these plastic notes is 5 years compared to one year that of paper currency.
This was first introduced in Australia to stop counterfeiting notes and its the leading country in polymer currency technology. The world's first polymer banknote was 10$ issued in 1988 by Australia.These notes are made from a non-porous polymer with a special protective coating, which enhances the durability of these notes.One more advantage is, after getting wear out it can be recycled into plastic products.
Normal security features applied on paper notes can also be applied on plastic notes. The application of printing ink on the surface is almost same as the paper. New security feature available in polymer notes is the transparent window which makes it too difficult to counterfeit.
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Countries that are fully using polymer notes are: Romania, Vietnam, Australia, Bermuda, Brunei, New Zealand and Papua New Guinea. Lot more countries are in mode of circulation. These notes are more durable and are going to be a challenge for counterfeiters!!!
The bank has made similar statements over the past three years(since 2009) and nothing has happened yet. According to an article dated July 2012 in IndiaWest RBI told reporters that they are working on launching polymer notes soon.
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