New Delhi: The government has approved introduction of one billion polymer banknotes of Rs 10 and Rs 20 for field trials, Union Minister of State for Finance Pankaj Chaudhary informed Parliament on Tuesday.
The Reserve Bank of India (RBI) had sent a proposal to the Centre in terms of Section 25 of the Reserve Bank of India Act, 1934, for introduction of one billion pieces each of Rs 10 and Rs 20 polymer banknotes for field trials and for regular issuance of polymer banknotes in these two denominations after successful completion of field trials, Chaudhary said in a written reply in the Rajya Sabha.
“The proposal has been approved by the government. As per the RBI, these polymer banknotes are proposed to be issued along with paper substrate-based banknotes,” the minister said.
Since procurement process is currently at an initial stage, the RBI has said it won’t be possible at this point of time to determine the exact timeframe for introduction of polymer banknotes or the expenditure likely to be incurred thereon.
