Quote of the Day (14-05-2014)

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“Plastic currency notes will be launched in 2015 after field trials. Tender bids have come for one billion notes. In five cities, pilot testing would be done, including Shimla. In 2015, it would be launched based on the results of pilot testing. The govt in Feb had informed Parliament that one billion plastic notes of Rs.10 denomination will be introduced in a field trial in five cities selected for their geographical and climatic diversity. The other 4 selected cities are Kochi, Mysore, Jaipur, & Bhubaneswar. The field trial is expected to be launched in the latter half of 2014. Plastic notes have an average life span of about five years and are difficult to imitate. Currency notes made of plastic are cleaner than paper notes.”                  -RBI Governor Raghuram Rajan

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