The Reserve Bank of India (RBI) will execute a union government’s mandate to introduce plastic/polymer currency note of Rs. 10 on a field trial basis in five cities in India. Depending on the success of the move and how these notes work, the RBI will then decide on the next denomination of such notes that have to be brought out, KC Chakrabarthy, deputy governor, RBI said.
Australia first introduced polymer notes to safeguard against counterfeiting. The initial plan is to introduce 100 crore pieces of Rs. 10 currency notes. The primary aim of introducing polymer notes is to increase its life, as it could also help in combating counterfeiting.