New Delhi: The Reserve Bank of India (RBI) is moving towards introducing plastic currency notes in the country. The plastic notes are said to last more in comparison to the paper notes and will also help in tackling the issue of fake currencies.

In a pilot project, the RBI is going to release one billion plastic currency notes of Rs 10 denomination across five cities in the country. In a written reply to Rajya Sabha, the Minister of State for Finance Namo Narain Meena said that the plastic currency notes will be released in Kochi, Mysore, Jaipur, Bhubneshwar and Shimla. The cities are selected on the basis of its diversity in the geographic locations and environment.

Meena also said that the RBI, Finance Ministry, Home Ministry and several other security and secret agencies are working in unison to find ways to arrest fake currency flow in the country.

JPN/Bureau

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