Plastic currency yet to be started

Dear editor,

It refers to RTI-response from Reserve Bank of India (RBI) confirming that production of plastic-currency has not yet started while the then Union Minister of State for Finance Namo Narain Meena in a written reply in Rajya Sabha on 12-03-2013 had stated that Union Government and Reserve Bank of India (RBI) decided to issue polymer/plastic currency-notes of rupee-ten denomination on trial basis in five select cities namely Kochi, Mysore, Jaipur, Bhuvneshwar and Shimla with varied geographic locations and climatic conditions.

Bureaucrats at Union finance ministry however soon implemented their retrogressive decision of issuing never-seen one-rupee notes on 06.03.2015 in less than one year of file-movement initiated on 22.04.2014 despite stiff resistance of RBI, perhaps because only one-rupee notes bear signature of Union Finance secretary while rest others bear signature of RBI governor!

New set of polymer-currency in all denominations with reduced sizes (size was reduced last time in the year 1967) should be introduced to save largely on currency-printing. In the meanwhile printing of notes in denominations of rupees one and ten should be immediately discontinued because coins of these denominations have already been circulation.


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