Why RBI is Replacing Paper Notes with Plastic Notes? | Masterstroke or Failure? | Economic Impact

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Why RBI is Replacing Paper Notes with Plastic Notes? | Masterstroke or Failure? | Economic Impact

Why is the Reserve Bank of India planning to replace traditional paper currency with polymer plastic notes? In this deep-dive explainer, we break down the economic impact and the strategic masterstroke behind the RBI's upcoming pilot project.

Despite the explosive growth of UPI and digital transactions, the currency in circulation across India has reached record highs, with banknote printing costs crossing thousands of crores. To combat the rapid deterioration of paper currency and the rising menace of counterfeit notes, the RBI is revisiting its decade-old plan to introduce highly durable, flexible plastic (polymer) substrates, starting initially with lower denominations like ₹10 and ₹20.

Is this transition a fiscal masterstroke to clean up India's cash ecosystem, or will the structural modifications to ATMs create an expensive hurdle? Join us as we evaluate this major reform on studyiqias.

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