Reserve Bank of India considers polymer banknotes and seeks manufacturers
Business
The Reserve Bank of India is thinking about switching to polymer banknotes (basically, plastic notes that last longer and are harder to fake).
Right now, India spends a ton replacing damaged paper notes and fighting off counterfeit ₹500 bills.
The RBI has started looking for companies to help make these new, more durable notes.
Polymer notes improve durability and security
Polymer notes aren't just tougher: they come with better security features and could save a lot of money (and hassle) in the long run.
India tried out ₹10 polymer notes back in 2012, but dropped them due to ATM issues.
Meanwhile, countries like Australia, Canada, Vietnam, and the UK have already made the switch with good results.
If all goes well this time around, we might see more polymer cash.