New Delhi: The Centre has approved the Reserve Bank of India’s (RBI) proposal to introduce polymer banknotes of ₹10 and ₹20 denominations for field trials, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha.
In a written reply to Parliament, Chaudhary said the RBI had submitted the proposal under Section 25 of the Reserve Bank of India Act, 1934, based on the recommendation of its Central Board.
The proposal seeks approval for the pilot circulation of one billion polymer banknotes each in the ₹10 and ₹20 denominations to assess their performance under field conditions.
The minister said that if the field trials prove successful, the polymer notes could subsequently be introduced for regular circulation across the country.
“The proposal has been approved by the government,” Chaudhary said in his written response to the Lok Sabha.
