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 government has given approval to the RBI to conduct field trials of plastic notes of Rs. 10 that have a longer life span.
It has been decided to conduct a field trial with plastic banknotes at five locations of the country.
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.
Plastic notes are expected to last longer than cotton substrate based banknotes.