New Bank Note: Will the government issue plastic notes? Finance Ministry gave this information on the question asked in Parliament

New Bank Note: Will the government issue plastic notes?  Finance Ministry gave this information on the question asked in Parliament

New Bank Note: Is the government preparing to replace the existing paper notes? Is plastic currency going to be issued in place of paper notes? This question has been asked to the government in Parliament. Answering this question, Minister of State for Finance Pankaj Chaudhary said that the government has not taken any decision regarding issuing plastic notes. 

In the Question Hour in the Rajya Sabha, Rajya Sabha MP Anil Desai asked the Finance Minister whether the government is considering replacing the existing paper currency with the notes in circulation in other countries. He questioned that in many countries plastic notes  It has proved to be extremely durable and it is also very difficult to prepare fake currency from plastic notes. In such a situation, will the government consider issuing plastic currency in its country also? 

Replying to this question in writing, Minister of State for Finance Pankaj Choudhary said, the government has not taken any decision regarding issuing plastic notes under Section 25 of the Reserve Bank of India Act 1934. He said that the durability of Indian currency notes and preventing its counterfeiting is a continuous process.

When Anil Desai asked the Finance Minister a question about the printing cost of paper currency notes and plastic notes, the Minister of State for Finance said that according to the 2022-23 report of the Reserve Bank of India, a total of Rs 4682.80 will be spent on printing of notes during the financial year 2022-23. Crore rupees were spent. He said that no expenditure has been incurred on printing plastic currency. 

According to RBI's 2015-16 annual report, a plan was made to issue billions of Rs 10 plastic notes. These plastic notes were to be issued on trial basis in five cities of Kochi, Mysore, Shimla, Jaipur and Bhubaneswar. Reserve Bank of India Note Mudran Private Limited and Securities Printing and Minting Corporation of India had taken up this project. But this project was postponed by RBI due to the danger of plastic notes catching fire in high temperatures.  

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