Plastic Currency Notes in India

Don’t be confused if you get a Rs. 10 currency note made out of plastic. It is for sure the Indian currency note. The government of India and the Reserve Bank of India are planning to introduce the plastic currency notes in the country. Rs. 10 plastic currency will be released in few cities with different climatic conditions. It is believed that Jaipur, Shimla, Bhubaneshwar, Mysore and Kochi are the cities where the currency will be released on pilot basis.

The idea is to check the instances of counterfeiting and tampering of currency notes and also save money on printing paper currency. Thanks to the plastic notes which have long life when compared to the paper currencies.

Another important feature of the plastic currency is its recyclability. The environmentalist need not worry about the use of plastic in the currency notes.

India is not the first country where the plastic currency notes will be introduced. Plastic currency notes are already in circulation in countries like Australia, New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam.

The hard texture of the currency notes will prevent them from being forged easily. They are water proof and will have enhanced durability preventing rampant wear and tear.

It is also believed that additional security features will be introduced in the plastic currency notes which will help in terms of security and trace-ability.

My question is that, apart from its security features and its durability can the introduction of the new type of currency notes (plastic or otherwise), help the government of India and its people, to make the “Black Money” including those in the “Swiss Banks” void.

I personally believe that it is possible if the new currencies are exchanged for the old one from the public. And those who have black money; will they come forward to exchange?