If you regularly deal with lower denominations of currency during your daily travel or a trip to the grocery market, you know how frustrating dealing with torn 10 rs note can be!
But five cities in India are all set to introduce all-new, improved and long lasting plastic Rs 10 notes.
Here’s all you need to know:
In a trial, five cities across the length and breadth of India with varying geographical and climatic conditions have been selected to start using plastic bank notes of ₹10 denomination after an approval from the Centre reported The Hindu.
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The five selected locations include Kochi, Mysore, Jaipur, Shimla and Bhubaneshwar.
The Finance Ministry has already given a green signal to the Reserve Bank of India to procure the required plastic substrate material and approved the printing of ₹10 notes in Indian presses.
What are the benefits of these plastic notes compared to the conventional paper counterpart?
These plastic notes are considered to not only be cleaner than the existing cotton substrate-based currency, but are expected to have a better shelf life too. In addition, they are also difficult to counterfeit.
“Over the years, central banks across the world have been exploring different solutions for extending the life cycle of bank notes. These include introduction of plastic ones and other developments in substrates for enhancing durability including use of natural fibre blends and varnish,” Minister of State for Finance Arjun Ram Meghwal told Parliament on Friday reported the publication.