New Delhi, July 18:
India may introduce plastic (polymer) currency notes in ₹10 and ₹20 denominations from next year, with the Reserve Bank of India (RBI) preparing for a pilot rollout, according to official sources.
The RBI has initiated the process by inviting global bids for supplying polymer substrate used in banknote printing. The pilot project is expected to begin with lower denominations, and a wider rollout will depend on the outcome of field trials. If successful, full-scale introduction could begin as early as 2027.
The tender, floated through Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), seeks around 68,000 reams of polymer substrate—split equally between the two denominations. Each sheet will incorporate advanced security features such as transparent windows, metallic numerals, magnetic threads, shadow images and iridescent patterns, aimed at improving durability and preventing counterfeiting.
Officials said stringent eligibility norms have been set for bidders, including prior experience in supplying polymer banknote materials to central banks and compliance with security restrictions related to sourcing and personnel.
Polymer banknotes, first introduced in Australia in 1988, are currently used in over 50 countries. They are known to last significantly longer than paper notes, resist wear and tear, and offer enhanced security features. Experts say their adoption could reduce long-term printing costs and environmental impact.
While the RBI has not formally confirmed the denominations, the central bank has indicated it is evaluating the feasibility and benefits of polymer currency before taking a final decision on wider implementation.