The Reserve Bank of India (RBI) has taken the first step towards introducing polymer banknotes by inviting global Expressions of Interest (EoIs) for the supply of polymer substrate sheets with advanced security features.
According to reports, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) has invited eligible Indian and international manufacturers to submit bids by August 18 for producing opacified polymer substrate sheets used in banknote printing.
The tender does not mention which currency denominations will be printed on polymer notes or when they will be introduced. If implemented, it will mark a major shift from the specialised paper used for printing Indian currency for nearly a century.Polymer banknotes, made from durable plastic films, are more resistant to wear and tear and generally last longer than traditional paper notes.
The tender also includes strict national security conditions. Bidders must obtain government security clearance, keep operations related to the India contract separate from those in China and Pakistan, avoid sourcing raw materials for India’s banknote substrate from these countries, and ensure that India-specific polymer substrate is not supplied to any third country.