RBI on Plastic Currency India: The Reserve Bank of India (RBI) is considering introducing plastic i.e. polymer notes in the country. Today RBI Governor Sanjay Malhotra has said that work on the scheme is still in the first phase. Before India, plastic notes are already in use in many countries of the world.

In these countries, the lifespan of polymer notes is generally considered to be around 10 to 15 years, which is much more than paper notes. Let us know what is the value of Indian Rupees 500 in these countries. Australia first issued polymer notes in 1988 and today this system is used entirely there. Apart from this, countries like Canada, New Zealand, Britain and Brunei have also adopted them.

Value of Rs 500 in countries with plastic notes

The value of the Indian rupee varies in countries with plastic currency.

Australia: Australia is the first country in the world to introduce polymer notes in 1988. The currency here is Australian Dollar (AUD). It is usually written as A$ or AU$. If we compare the Indian currency there, then 500 Indian rupees is equal to approximately 7.34 Australian dollars.

Canada: Fully polymer notes are in circulation in Canada. The currency here is Canadian Dollar (CAD). This is shown with the symbol Can$ or C$. India’s 500 rupees going to Canada is equal to only 7.29 Canadian dollars. The work of controlling and issuing it is done by the Bank of Canada.

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Britain: Britain long ago replaced its traditional paper notes with complete sets of polymer £5, £10, £20 and £50 notes. The official name of the currency here is Pound Sterling. Usually it is called British pound. Pound Sterling (GBP) is used in Britain. 500 Indian rupees are equal to approximately 3.92 pounds.

New Zealand: In New Zealand also fully polymer notes are in circulation. The currency here is New Zealand Dollar (NZD). If compared with India, when Indian Rupees 500 reaches New Zealand, it becomes equal to 8.82 New Zealand dollars.

brunei: Fully plastic notes have been in use in Brunei since 2004. The currency here is Brunei Dollar. At present, all the prevalent notes including notes of Rs 1, 5, 10, 100 and 500 have been converted into plastic currency. India’s 500 rupees in Brunei becomes equivalent to only 6.71 Brunei dollars.

The specialty of polymer notes is that they are more secure, long lasting and resistant to tearing or damage. This is the reason why many countries are adopting it rapidly.

You won’t get as much as you want! Country’s ATM services may falter, people may face trouble for cash