Rains will no more tatter your currency notes

For, you escaping from rain to save your currency notes might be problem. Similarly, even big problem for RBI is how to curb production of counterfeit currency notes. Now, Indian Centre for Plastics and Environment has come with solution. IT has urged the Reserve Bank of India (RBI) to consider the option of switching over from paper to plastic currency notes as has been successfully done by Australia. Several other countries are also following Australia's example with the United States being the latest to join the bandwagon.

Plastic currency notes have several advantages over paper notes.

• As paper notes are cellulosic in nature they develop microbes when they get soiled and thus can be a cause of diseases. Moreover, they get mutilated with time and have to be destroyed.
• On the other hand, are non-cellulosic in nature and thus cannot lead to the growth of microbes. If they become dirty they can simply be wiped or washed.
• Plastic notes are more durable than paper ones and do not get mutilated easily. The RBI will thus not face the problem of replacing the notes at regular intervals.
• It is very difficult to produce counterfeit plastic notes.
• India has both material and film technology for the production of plastic notes. The RBI will only have to import printing technology for the purpose

Australia was the first country to go in for plastic notes way back in 1988. According to reports, the country finished converting all its currency notes into plastic in 1996. Other countries that have followed Australia's example and have introduced plastic currency notes include Brazil, Sri Lanka, Romania, New Zealand, and Northern Ireland.

The Reserve Bank of India's fake currency unit, along with a finance ministry committee, has concluded that only the new plastic notes can solve the fake currency problem that has acquired unmanageable proportions in the recent months. Fake notes, sources say, have flooded the market and, apparently, even banks are not able to detect them.

For starters, Rs 500 denomination currency notes will be printed on PVC, to lend longevity to them and to fight the menace of counterfeit notes.

Now, Days are not away when you find people washing their currency notes!!