Minister of State for finance – Arjun Ram Meghwal said- “It is decided to conduct a field trail with plastic banknotes at fine locations of the country” in a written reply in the Lok Sabha.
Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic banknote substrates has been conveyed to the RBI, the minister said.
Plastic notes are expected to last longer than cotton substrate based banknotes, said- Arjun Ram Meghwal.
Over the years, central banks across the world have been exploring different solutions like plastic notes and other developments in banknote substrates for extending the life cycle of banknotes. The minister also said an inter-disciplinary Standing Committee on Cyber Security has been constituted to review the threats inherent in the existing and emerging technology and suggest appropriate policy interventions to strengthen cyber security and resilience.