Plastic currency: Here are the pros and cons
All you wanted to know about the soon-to-be-introduced plastic currency
New Delhi, Dec 10: The government informed the Parliament on Friday that it intends to print plastic currency notes.
The process has started, the ministry of finance informed the Lok Sabha.
It has been decided to print banknotes based on plastic or polymer substrate (commonly used for banknotes in countries such as Nigeria, Chile, Nepal among others).
"The process of procurement has been initiated," Minister of State fo Finance Arjun Ram Meghwal said in a written reply in Lok Sabha.
Plastic notes were first issued in Australia to safeguard against counterfeiting.
In 2014 the government had informed the Lok Sabha about its intent to introduce plastic notes.
A field trial was undertaken at Kochi, Mysuru, Jaipur, Shimla and Bhubaneswar.
[Also Read:Cat would have been out of the bag- Centre tells SC on fewer notes being printed]
Let us find out what are the pros and cons of plastic notes:
The pros:
-
Hard
to
counterfeit
as
security
features
are
easier
to
verify
-
Plastic
notes
last
longer
reducing
replacement
cost
-
Notes
are
clearer
because
they
are
dirt
and
moisture
resistant
-
Notes
are
waterproof
-
Environmental
impact
lower
as
notes
last
longer.
The
cons:
-
Higher
production
cost
-
Difficult
to
fold
-
Hard
to
count
as
they
are
slippery
-
Huge
cost
to
recaliberate
ATMs
as
existing
machines
are
not
compatible
OneIndia News