Explained: The many benefits of replacing paper notes with plastic ones
The Reserve Bank of India (RBI) plans to trial plastic banknotes, marking a significant shift from paper currency after a failed attempt 15 years ago. Plastic notes, already adopted in over 50 countries, offer advantages such as durability and reduced need for frequent destruction compared to paper notes. The Bharatiya Reserve Bank Note Mudran Pvt Ltd's recent tender for 3.4 crore polymer sheets indicates a serious commitment to this initiative, pending successful trials.