Introducing Plastic Currency In India

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Reducing counterfeit and corruption in India active Involvement by central authority for Banking sector RBI (reserve Bank Of India). Introducing Plastic Currency Trial in five major cities of India.

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Use Of Plastic Currency Over Paper Currency Bharat B hushan Bali, Deepak Kumar Gaba, Deepak Garia, S.Sonu, Iqbal Sultan Dar

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Introduction? Polymer banknotes were developed by the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne and were first issued as currency in Australia in 1988. These banknotes are made from the polymer biaxially-oriented polypropylene (BOPP) which greatly enhances durability of the banknotes. Polymer banknotes also incorporate many security features not available to paper banknotes, making counterfeiting much more difficult. Introduced successfully In countries like: Australia, Bermuda, Brunei, New Zealand, Papua New Guinea, Romania and Vietnam. RBI announces soon the polymer notes to be introduced in India. Starting By R s 10 Denomination Notes worth of 100 crore in the various cited cities as follows: Jaipur, Shimla, Bhubaneswar, Delhi and Mumbai. Contents: Introduction Why Plastic Currency ? Advantages Of Plastic Currency Disadvantages Of paper currency It is a success Or Not ? What RBI has to say ? Conclusion Question And Answers….

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Why plastic Currency ? As money is handled over the course of months and years, it begins to break down. Folds eventually become small tears, which turn into bigger tears. Eventually, the money can no longer remain in circulation. Countries have begun replacing traditional paper bills with polymer bank notes made from a durable plastic to reduce the problem as follows: Counterfeit. Fraud. Security Check threat. Durability of the paper notes replaced by Plastic currency. Less Longtivity of paper notes. Ecological factors. Others. Polymer banknotes are advantageous for a number of reasons, but they have their faults as well. Why Plastic Currency ?

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Advantages Of Plastic Currency The average life span of these plastic notes is 5 years compared to one year that of paper currency. N on-porous polymer, which enhances the durability of these notes. After getting wear out it can be recycled into plastic products. T he cards used are known as Plastic Money. New security feature available in polymer notes is the transparent window which makes it too difficult to counterfeit. the notes are numbered and, given a protective coat of transparent varnish. will also translate into more business for the domestic polymer industry (Eco friendly). Plastic notes, are non-cellulosic in nature and thus cannot lead to the growth of microbes. There is no danger of the notes getting destroyed by water. Advantages Of Plastic Currency it will not be difficult for India to produce the plastic notes as the plastic required for the production is available in plenty in the country. The polymer required for the manufacture of plastic notes is bi-axially oriented poly propylene (BOPP), which is produced and exported by a number of companies including Reliance, IPCL(Indian petroleum corporation ltd.) and Haldia Petrochem. "India has both material and film technology for the production of plastic notes. The RBI will only have to import printing technology for the purpose..

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Disadvantages Of Paper Currency As money is handled over the course of months and years, it begins to break down. Folds eventually become small tears, which turn into bigger tears. Eventually, the money can no longer remain in circulation and leads to the following as follows: Counterfeit. Fraud. Security Check threat. Durability of the paper notes replaced by Plastic currency. Less Longtivity of paper notes. Ecological factors. Social Factors. Others. Polymer banknotes are advantageous for a number of reasons, but they have their faults as well. Disadvantages Of Paper Currency ?

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It is a success Or Not ? Plastic Money Is helping in curbing the menace in the modern scenario so it could be a success but not forgetting the expense over shadowing this factor by the following: Reduce in Counterfeit. Keep a track on Fraud. Security Check threat Reduced. It is soil resistant & therefore cleaner. It is Green and easily be recycled. Durability. It is non porous which makes it last longer in humid conditions. Others. It is a success Or Not ?

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RBI Governor D Subbarao also said the central bank would need to study the "carbon footprint" of recycling and disposal of plastic notes. The RBI is in the process of starting a pilot project for issue of plastic currency notes, wherein plastic notes of Rs 10 denomination would be distributed through the central bank's five regional offices. In April, 2010, the RBI floated a tender seeking supply of one billion plastic notes of Rs 10 denomination. Later in August, the central bank said in its annual report for 2009-10 that it was exploring methods to increase the life of currency notes, especially those of lower denomination, which have a much shorter life. "The Reserve Bank, in consultation with the government, has initiated steps to conduct a field trial of plastic notes in the denomination of Rs 10 in the year 2010-11 to gather valuable lessons," In the following cities Jaipur, Shimla, Bhubaneswar, Delhi and Mumbai. the RBI would "mainstream the use of plastic currency" only after the success of the pilot project. RBI said that producing such a large amount of currency was expensive and one option to cut the costs was replacement of paper currency with plastic notes. What RBI has to say ? Conclusion: The above overview shows that the move to polymer notes has been very good for the RBA(Reserve Bank Of Australia) and for the community generally. The benefits are broad based and recognisable by the public. All this had made all the difference of polymer notes in Australia look very positive and is followed by other countries, and help in reducing the issues related to paper currency by implementation of the technology in right field and right time as it is needed the most at the current situation the most.

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