Government Approves Plastic Currency: For a long time, news was coming out that RBI is going to introduce plastic currency soon. Earlier there was no confirmation on this news, but after a few days the Reserve Bank itself confirmed this news. Now this plastic currency has also got the green signal from the government. About which it has been told recently.

Plastic notes will come for the first time in India
In fact, recently in the Lok Sabha, MPs Rampreet Mandal and Krishna Devi Shivshankar Patel had asked the Finance Minister a question about plastic notes, along with this they also asked what effect it would have on the digital payment system. Not only this, he also asked whether the government will completely replace paper notes with plastic?

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Answering these questions in the Lok Sabha, Minister of State for Finance Pankaj Choudhary said, ‘On the recommendation of its Central Board of Directors, the Reserve Bank of India (RBI), under Section 25 of the Reserve Bank of India Act, 1934, has approved the field trial of one billion (100 crore) polymer bank notes of Rs 10 and 20 each. Not only this, after the successful trial, a proposal was sent to issue polymer notes regularly. The government has approved this proposal.

Polymer notes are stronger
The minister said that according to RBI, ‘International studies show that the lifespan of polymer bank notes is much longer than paper notes. Currently the introduction of polymer notes is in the initial stage, so its impact on digital payments will be clear only after its regular issuance. Also, cash currency and digital payment systems are complementary payment mediums to each other.

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Will paper notes be discontinued?
Apart from this, it was also told in the Lok Sabha whether paper notes will be banned in future. Giving information about this, the minister said that according to RBI, polymer bank notes will be issued along with paper notes. At present there is no proposal to completely replace paper currency with polymer notes. In such a situation, there is no need for the public to worry, because paper notes will continue to circulate in the same manner.