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New Delhi. A big change can be seen regarding currency in India. The government has approved field trials of polymer plastic notes of ₹10 and ₹20. A total of 200 crore plastic notes will be produced under this scheme. Finance Minister Nirmala Sitharaman has given this information in a written reply in the Rajya Sabha.

There will be plastic notes of ₹10 and ₹20

According to the proposal, 100 crore polymer notes of ₹10 and 100 crore polymer notes of ₹20 will be printed. This scheme has been taken forward on the basis of the recommendation of the Central Board of the Reserve Bank of India. The government has given approval for this under Section 25 of the RBI Act, 1934. These notes can initially be launched on a trial basis in limited areas instead of being released simultaneously across the country. During the trial, aspects to their use, durability and safety will be examined.

Old paper notes will not be discontinued

The introduction of plastic notes does not mean that the existing paper notes will suddenly go out of circulation. The new polymer notes will be used along with paper notes. Therefore, people do not need to worry about the ₹10 and ₹20 notes they have.

Why are polymer notes being introduced?

Plastic currency is considered more durable than paper notes. Water, moisture and everyday use have less effect on them. This can increase the lifespan of the notes and also reduce the need to frequently replace old notes. Apart from this, modern security features can be included in polymer notes, which can make it difficult to produce counterfeit notes. This is the reason why this type of currency is already being used in many countries of the world.

When can it come in the market?

According to the plan of RBI, the target has been set to take the pilot project forward in the beginning of the next financial year. If the results of the trial are satisfactory, the way for large-scale use of polymer notes may open in the future. However, the exact date of availability of these notes for the general public and the final cost have not been clarified yet.