........It may be recalled that, in fact, Reserve Bank of India has been toying with the idea of introducing polymer currency notes for some time. A few months ago, RBI introduced polymer notes of Rs10 denomination in select cities in India, which included Mysore and Cochin in the south. The results of the market testing carried out by RBI have still not been made public. However, it must be noted, that, by and large, most of the counterfeit currency notes in circulation are in higher denominations of Rs500 and Rs1,000. It would have made sense if RBI had chosen to bring out polymer currency notes, for market testing in these denominations...........
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1 comment:
Yes, for sure polymer notes need introduction sooner than later. Second, the RBI seems to be toying with the idea that if the coins are made in short supply with notes of lower denominations nowhere in sight, even beggars would demand only Rs.10 as minimum alms. This would eventually increase the GDP like the MNREGS wages with no commensurate production. There is an urgent need for ensuring penetration of clean note policy as it is hard to find a note with a figure or word not appearing on the white space. Withdrawing such currency or derecognizing would only add to the difficulties of ordinary mortals.
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