Reserve Bank of India had given green signal to the introduction of plastic currency in the country. The apex bank for a long time is telling that introduction of plastic currency will put a stop to the fake notes and improve the security of the currency. RBI has called for tenders of One Billion Plastic Currency notes in January. It is said that the tenders are now almost finalized and the plastic currency will be floated very soon.
RBI is planning to introduce the currency in few selected cities of India and will later expand to all the places. Sources say the notes should be out in the next year. The Apex bank is also mulling over a target date to take back all the existing paper notes in the country and replace them with plastic notes. These plastic notes are also expected to improve the life of the currency notes.
