Indian currency is up a for revamp very soon. The RBI has begun groundwork for one of the bigget changes to the country’s currency system, by replacing the age old paper based notes with durable polymer notes.
The Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), one of India’s banknote printing companies, has issued a global Expression of Interest (EOI) to set up a polymer substrate manufacturing facility in the country.
The EOI dated 17 july seeks technology partners with proven expertise in grade polymer substrates- the specialized plastic used for printing bank notes. The centre has decided to follow the Made in India protocol. It wants to establish domestic manufacturing through technology transfer and collaboration with experienced global players. The exercise is aimed at identifying companies capable of helping India build an indigenous production ecosystem for polymer banknote substrates.
With the uncertainties prevailing across the globe in every aspect, India has decided to set up a manufacturing facility within the country thereby reducing overseas reliance and strengthening Indias capabilities in high security printing.
According to sources, the polymer notes will initially be made in the lower denomination of Rs 10 and 20. While there has been no announcement in regards to the rollout timeline, the latest tender invitation is a crucial building block in system revamping.
This is not the first time India has explored polymer currency. Previously it was dependant on imported substrates. Today more than 60 countries across the globe have introduced polymer notes either fully or for selected denominations.