India to Introduce Plastic Bank Notes
The plastic bank notes would last longer by 4 years compared to one year for normal currency notes in addition to also being harder to counterfeit.
The bank has initially decided to introduce 1 billion of the polymer notes, for which it has floated a global tender, a senior central bank official told The Economic Times of India.
The official added that the plastic notes would be cleaner than paper notes. India would not be the first country to introduce plastic notes. Australia, New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam also have such notes to counter fakes.