Why India May Soon Replace Paper Notes with Plastic Notes: Explained
India's currency notes could be set for a major transformation as the Reserve Bank of India considers introducing polymer, or plastic, currency notes. The move is aimed at reducing printing costs and increasing the lifespan of notes, which are often damaged or soiled. RBI data shows thousands of crores of currency notes require replacement every year. With countries like the UK, Australia and Canada already using polymer notes, India may soon join the global shift toward more durable and cost-effective currency.
