Plastic currency to take over?

May 09, 2013 16:29
Plastic currency to take over?

So far only bank cards are called plastic currency.  Now the term is going to extend to currency too. Reserve Bank of India is going to replace the present currency with plastic currency gradually in stages.  On an experiment basis, plastic notes in the denomination of Rs.10/- are going to be released at Kochi, Mysore, Jaipur, Bhuvaneswar and Simla.

RBI Governor Duvvuri Subbarao said in this context that plastic notes will contribute to saving of trees as paper consumption will come down to that extent.  Plastic notes also last for a longer time than that of paper notes.  They do not get polluted as paper ones.  Plastic notes also stand intact after accidentally drenched in rain or otherwise.  More over writing on the notes, tearing and joining with gum or tape will be avoided.  

Only thing is we may have to replace or make changes in the existing currency counting machines to suit plastic notes counting.  For individuals it will be difficult for some time until they get used, to count with fingers when they are exchanged in the market for a purchase.  

Another advantage is it will arrest fake notes movement in the market at least for some time till the technology is geared up.  As far as fake currency is concerned, mostly notes of Rs.500/- and Rs.1000/- are looked at suspiciously. Many instances of  fake notes coming out from ATMs were experienced too.  If a fake note is deposited, Bank has a responsibility to inform Police.  But Governor of RBI says that if more than four fake notes are found then only they should be complained against to the police.  It is a known fact that fake currency is in circulation and many were victimized as such notes were found in their possession.  One note can be accidental because of the careless accepting from others.  But possessing more than four notes raises an eyebrow.  

Introduction of plastic notes no doubt is a wise gesture to remove counterfeits from the market and save economy and also innocent people from loss.  

AW-SriJa

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