Government approves polymer ₹10 and ₹20 notes for field trials
Business
Polymer banknotes are coming to India. The government just approved field trials for these new plastic-like ₹10 and ₹20 notes, with Finance Minister Nirmala Sitharaman sharing the news in Parliament.
The RBI is kicking things off by testing 1 billion pieces of each note, aiming to see how they hold up in real life.
Polymer notes could cut printing costs
These aren't replacing your regular paper cash yet (they'll be used alongside them).
Polymer notes are tougher, last longer, and could help cut down on printing costs (which hit over ₹4,800 crore during the fiscal).
Plus, in the same year the RBI destroyed 1,700 crore (17 billion) soiled notes, a level the source does not state is an annual occurrence.