Keep it in your pocket or soak it in water, it will not get spoiled… Plastic notes are used in these countries of the world, RBI is also preparing!

The paper notes kept in our and your pockets may soon become history. The Reserve Bank of India (RBI) is preparing to take a big step to meet the rapidly increasing cash demand. The Central Bank is now seriously considering the plan to print plastic (polymer) notes instead of traditional paper. If media reports are to be believed, there was intense discussion on this change in the recent board meetings of RBI held in Patna and Mumbai. But is this concept new? no way. Many countries of the world have already adopted this technology. Let us understand what is so special about plastic notes and in which countries it is prevalent.

Polymer currency circulates two and a half times more

The biggest reason behind removing paper notes is cost and their durability. Banking experts believe that plastic notes last about two and a half times more than normal paper notes. Water, moisture and dirt do not have any significant effect on them. These notes do not tear easily, which saves the cost of printing them again and again. Apart from this, the biggest feature of plastic notes is that it is almost impossible to copy them or make fake notes. Considering these benefits, central banks around the world are rapidly shifting towards this option.

These countries completely changed their currency

Around 60 countries across the world are using plastic notes, but there are some big countries in the world which have completely eliminated paper notes from their systems.

1. Australia: This is the first country in the world to introduce plastic notes. Polymer notes came into use here only in the year 1988. It is also the only country in the world that produces these notes.
2. New Zealand: In the year 1999, this country had taken all its paper notes out of circulation. The smallest note here is 5 dollars and the largest is 100 dollars.
3. Brunei: This rich country in South-East Asia has completely adopted plastic notes to deal with the menace of counterfeit notes.
4. Vietnam: Polymer notes were introduced here in 2003. Today the Vietnamese dong is entirely made of plastic, with the largest note being ₹ 5 lakh, which is equivalent to approximately 20 US dollars.
5. Romania: Romania is the only country in Europe which changed all its notes to polymer in 2005 itself.
6. Papua New Guinea: Australian dollar used to be used here till 1975, but after that a new currency named ‘Kina’ came. Now only plastic notes are used here. Interestingly, Prime Minister Narendra Modi is visiting this country for the first time on May 22 in connection with the G-7 conference.

The sound of this new technology is being heard in 60 countries

The trend of polymer notes is increasing rapidly globally. This journey, which started with Australia’s 10 dollar note in 1988, has today reached Singapore, Indonesia, Malaysia and Thailand. In Europe, Romania started it in 1998, while Canada also made it a part of its system in 2011. At the same time, if we talk about the world’s strongest currency i.e. American dollar, then it is not completely made of plastic. American currency is made from a special mixture of cotton and linen.

Read this also- Now Indian notes will be made of plastic! RBI is considering introducing polymer currency