Polymer/Plastic currency notes in India

Should India go for new banknotes ?


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Daredevil

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Check these security features of Australian Currency, they are just too difficult to counterfeit them.

 
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Beer

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RBI to conduct field trials of Rs 10 polymer notes in 5 cities

New Delhi , Thu Aug 23 2012

The Reserve Bank has proposed to conduct field trials of Rs 10 polymer banknotes in five cities including Shimla and Cochin, Minister of State for Finance Namo Narain Meena today said.

"It has been decided by the Government of India and Reserve Bank of India to introduce Rs 10 notes in polymer plastics on a field trial basis," Meena said in a written reply to Rajya Sabha.

He said the RBI has informed that field trial is proposed to be conducted at five places -- Jaipur, Shimla, Bhubaneshwar Mysore and Cochin, keeping in view of "the varied geographical locations and climatic conditions."

The expenditure proposed to be incurred on the field trial would be finalised as per the guidelines, he added.

Polymer notes have relatively longer life compared to the prevailing paper banknotes and may help in checking counterfeiting.

Polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.

Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.

http://www.indianexpress.com/news/r...ls-of-rs-10-polymer-notes-in-5-cities/992154/
 

pmaitra

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RBI to introduce 100 cr Rs 10 plastic notes
Explaining the rationale for introduction of polymer notes, the official said, these notes would have an average life span of 5 years compared to one year for the currency notes.
Polymer bills will survive longer, and of that there is no doubt.

Now, I think there is a strong potential of this exercise becoming rather absurd, and the reason is as follows:
The major currencies are devaluing and inflating themselves. To keep exports competitive, countries are devaluing their currencies as a reaction to other currencies being devalued. This includes the Euro, British Pound, and US Dollar. In such a scenario, most countries are in a rat race to keep inflating their currencies. India is no exception. If things go unchecked, just like sham theories passed off as economics went unchecked, then one fine day, the cost to print these polymers bills might be more than the worth of Rs. 10.

Fiat-Trap!

P.S.: I voted for: meh
 

pmaitra

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What Nigeria got plastic notes, and we don't ??????????
Nigeria also has a lot of oil, that we don't. Whatever we have is but a smear.

Nigeria has a very god potential to take their currency much higher than where it is now - if they play their cards sensibly, i.e. back it up by their oil.
 

SADAKHUSH

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We already have them in Canada as well. One very important thing to learn is how to handle them and make sure one counts them twice before giving it to vendor. They tend to stick together and slip out of wallet easily due to smoothness of the surface. One advantage is they do not get soiled easily. ATM's over still do not dispense paper notes only.
 
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parijataka

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Those who genuinely hold money will have to exchange it. Any bank, but with PAN card, signature, small form, etc.

Black money will either be caught or rendered useless. It has been done before in other places... notably Afghanistan. The warlords had more money than the entire government, in 2001. The IMF and US introduced a new currency, and the population's old notes were collected and burnt in the outskirts of Kabul.

It can work here too.
But our warlords in India will not allow such a scheme, ever... :)
 

Singh

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Those who genuinely hold money will have to exchange it. Any bank, but with PAN card, signature, small form, etc.

Black money will either be caught or rendered useless. It has been done before in other places... notably Afghanistan. The warlords had more money than the entire government, in 2001. The IMF and US introduced a new currency, and the population's old notes were collected and burnt in the outskirts of Kabul.

It can work here too.
India is not Aghanistan. We have 30 times as much people, and 3000 times as much money.

I think rather than that we should do as Baba Ramdev suggested ( I know it sounds strange). Ban all currency above Rs. 20, and only electronic cards for transactions.
 
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lcatejas

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Pakis are very tense about it.... how they will afford this type of notes.... farhan any view ;)
 

venkat

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if somebody swallows it while taking a bribe if caught by ACB, will he not get choked?:taunt: can ACB apply the same chemicals to make the hands red? incase of fire .wiil the bags of unaccounted money gets turned into TT balls? Farhan mian, don't worry where there is a will there is a way!!! India stopped printing notes ,as RBI found the FICN coming from Pakistan appears to be more genuine than RBI printed once. It is for this reason Pakistan economy is in doldrums according to Dr. Mullah karachiwala!!!
 

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