The Reserve Bank of India is planning to introduce polymer currency notes in 2015 on a pilot basis and improve security features to defeat the efforts of counterfeiters.
It also aims to set up a national bill payments system that could eliminate middlemen and bring in efficiencies, according to an article in the Aug. 22, 2014, issue of The Times of India.
“The Reserve Bank of India is also looking at other alternatives for improving the life of bank notes,'' the central bank said in its annual report for 2013–14. The central bank floated a tender for plastic currency notes in January after years of deliberation. Depending on the trial, the notes should be introduced widely next year, according to the bank.
“Plastic notes are coming. Tender bids have come for 1 billion notes. In five cities, pilot testing would be done, including Shimla,” RBI governor Raghuram Rajan said after a May 2014 board meeting in Shimla. “In 2015, it would be launched based on the results of pilot testing.” Neighboring nations like Hong Kong, Malaysia, Singapore, Israel and Lebanon have all issued polymer notes.