Bikaner: A retired bank official, Bharat Bhushan Gupta, from Bikaner, Rajasthan, has a rare collection of currency notes from around the world. His collection focuses on polymer currency notes, which are made from a special type of plastic rather than traditional paper. Known for their durability, security features and vibrant designs, polymer notes have been adopted by several countries to combat counterfeiting and increase the lifespan of their currency.
"So far, polymer notes have been issued in 60 countries", said Gupta. Australia first issued a 10-dollar note in 1988. After that, today all the currency notes in England and New Zealand are made of Polymer. It is used in Australia, Canada, the United Arab Emirates, and Egypt. In 2002, King Gyanendra issued a 10-rupee polymer note in Nepal, and Bangladesh also issued a 10-rupee note. There are 10 to 12 countries where Polymer notes are in circulation."
Interest in polymer currency notes has grown since the RBI Governor Sanjay Malhotra earlier this month said that the central bank is examining the feasibility of introducing them in India.
The idea of Polymer currency is, however, not new in the country. In February 2014, the government had announced a field trial of 10 rupee polymer notes in five cities. However, the initiative was subsequently put on hold due to technological and operational challenges.
With the RBI once again exploring the possibility, discussions around the benefits and practicality of polymer banknotes have regained momentum.
