Not new currency - Its new Plastic currency

New Delhi, Dec 10 : On Friday the union government informed Parliament that a decision has been taken to print plastic currency notes. Minister of state for Finance Arjun Ram Meghwal said "It has been decided to print banknotes on plastic.

The process of collection has been started ". Arjun replied with this statement to a query in the Loksabha whether RBI proposes to print plastic currewncy notes in place of paper.

From long time RBI has been planning to launch plastic currency note after field trails. In 2014 february Govt had informed Parliament one billion plastic notes would be introduced of Rs 10 denominations in selected five cities. The selected five cities are Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.

The notes of Plastic have an average life span of minimum five years and its difficult to imitate the Plastic ones. The currency notes of Plastic are cleaner than paper. The Plastic notes were first introduced in Australia to safeguard against fake notes. Giving a reply to another question Meghawal said RBI informed in Dec 2015 that they have received some bank notes of Rs 1000 with out having security thread which were printed at currency note press.

Meghawal said action has been taken to strengthen quality procedure in manufacturing process and special training has been given to the persons concerned to avoid such type of mistakes in future.