RBI to launch Plastic notes in 2015

As per Reserve Bank of India (RBI) Governor Raghuram Rajan, Plastic currency notes will be launched in 2015 after field trial which is likely to be conducted in the latter half of 2014. The pilot testing would be conducted in five cities- Kochi, Mysore, Jaipur, Bhubaneswar and Shimla.
One billion plastic notes of Rs.10 denomination will be released in the field trial in these cities chosen for their geographical and climatic diversity. Plastic currency notes have an average life span of about 5 years and are difficult to counterfeit. Also, these notes are cleaner than paper notes.

Month: Current Affairs - May, 2014