The advantage of the plastic note is that they are difficult to fake and are much more durable than the paper notes. Reserve Bank of India planning to introduce Rs 10 plastic currency notes. RBI has decided to introduce 100 crore pieces of Rs 10 plastic notes initially, and a global tender has been called. India's previous attempt was a Ten Rupee coin.The currency notes in Australia are made of polymer, since 1988. Making a counterfeit note of Australian currency is an expensive proposition as it would end up costing you close to it's face value. All the countries are constantly making attempts to prevent fake notes with limited success. In India were we get a lot of fake currency from across the border, the notes are changed periodically , Australian currency is still the same .Changing the designs of paper notes prevent counterfeit but it definitely is not as effective as having plastic notes.
1 comment:
This is a bigger bribe story than the arms deals. Securency International, which holds the universal monopoly patent for plastic currency, is under investigation even in its own country Australia for massive bribing of officials of international governments. How much did they pay in India? They have been trying to sell plastic currency that is totally unsuitable in the tropics, to India from 2001. The Clean Note policy of the RBI was the first scheme to bring in plastic currency. Having to recycle every 6 months, plastic currency is difficult to sustain. Also, it cannot be folded.
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