India has initiated the process of introducing polymer banknotes by inviting global Expressions of Interest for polymer substrate sheets with security features. The Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) has called for bids from domestic and international manufacturers to produce opacified polymer substrate sheets for banknote printing by August 18. Although the tender does not specify the denominations or rollout timeline for polymer notes, this move signifies a significant departure for India, which has traditionally used specialized paper for currency printing.
Polymer banknotes, crafted from durable plastic films, offer enhanced durability and a longer lifespan compared to traditional paper currency. The tender reportedly imposes strict national security requirements on potential suppliers, including the need for security clearance from the government. Additionally, bidders must ensure that operations in China or Pakistan are isolated from the Indian contract, avoid sourcing raw materials for India’s banknote substrate from these countries, and commit not to supply India-specific substrate to any third nation.
Governor Sanjay Malhotra of the Reserve Bank of India (RBI) had previously mentioned in June that the RBI is evaluating a proposal to introduce polymer or plastic currency notes, emphasizing that a final decision is pending. Malhotra clarified that the proposal is still in the preliminary stages of assessment and that any updates on the matter will be shared once a decision is reached. The consideration of polymer notes is ongoing, and any developments will be communicated promptly.
