Since the time government had introduced the new Rs 2000 notes, there have been many cases of counterfeit notes. All that one needs to do is get it photocopied and the task is done! To tackle this scam, the government has taken an important decision.
On Friday, the government stated that now on, plastic currency notes would be printed so that there is no counterfeit currency. Moreover, RBI has already started procuring the material for the same.
Lok Sabha had proposed a query to the government whether RBI will print plastic notes instead of paper ones, on which Arjun Ram Meghwal, the minister of state for Finance replied that “It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated.”
Since long, RBI is having plans of launching this plastic currency, but it would do so only after trials.
Why plastic currency?
On an average, plastic notes have a life span of 5 years and imitating them is next to impossible. Also, compared to paper ones, plastic currency notes are cleaner. These notes were 1st introduced in Australia for fighting this problem of duplicate notes.
Tracking counterfeit currency is easier in plastic money as compared to those paper notes. They are made up of a BOPP i.e. Biaxially Oriented Polyproylene and boast of a variety of security features; these notes are known for their durability too and many countries including Vietnam, Kuwait, Singapore, Australia have been using such currency.
Very soon, you will get a chance to flaunt plastic notes in your wallet, thanks to Modi Government!
Is this decision good? For this, they will have to once again initiate the process of changing currency; what’s your take on this? Do share in our comments section below.
