Government Approves Introduction of Polymer Banknotes
Summary
- The Government has approved the introduction of one billion polymer banknotes of ₹10 and ₹20 denominations.
- The introduction of polymer banknotes is expected to increase the durability of currency notes.
- The RBI is currently at the initial stage of the procurement process for the polymer banknotes.
Key Facts
- · One billion polymer banknotes to be introduced
- · Denominations of ₹10 and ₹20
- · RBI is handling the procurement process
- · Procurement process is at the initial stage
Why it matters
The introduction of polymer banknotes can help reduce currency replacement costs and improve the overall circulation of currency in the economy.
#RBI#Currency#Polymer Banknotes#Economic Policy