RBI Plastic Note: RBI is considering introducing durable plastic banknotes to replace paper currency in India. Three companies, including two foreign and one Indian, have submitted bids for the tender issued by BRBNMPL, a subsidiary of the Reserve Bank of India.
The initial phase involves printing Rs 10 and Rs 20 notes on polymer. The project has specific requirements, and companies must adhere to certain conditions to participate, such as maintaining distance from China and Pakistan and ensuring that the polymer sheets do not contain animal fat.
BRBNMPL urgently needs 68,000 reams of polymer sheets for printing banknotes, with each ream containing 500 sheets. Companies will need to provide samples for testing in different climatic zones in India before being considered for the final tender.
Several well-known companies are involved in supplying substrates for polymer notes:
– Cosmo First and De La Rue: Cosmo First, India’s top BOPP exporter, has partnered with De La Rue, the largest banknote supplier in the UK, to provide technology for security features and polymer substrate.
– CCL Secure: An Australian company that offers polymer note solutions to more than 40 central banks globally, claiming that their polymer notes are significantly more durable than traditional cotton notes.
– Q&T Hi-Tech Polymer: A Vietnamese company that has bid for the Indian tender, boasting substantial cost savings compared to cotton currency in their country.
Plastic notes offer several advantages over paper notes:
– Longevity and durability: Polymer notes are resistant to water, moisture, and dust, lasting up to six times longer than paper notes.
– Counterfeit protection: They come with advanced security features and window transparency, making them highly secure against counterfeiting.
– Hygienic: Polymer notes are cleaner and less likely to spread germs compared to paper currency.