Is Polymer Notes an Answer to Counterfeit Currency?

Can India afford the polymer currency as present printing of replacing old Rs 500 and Rs 1000 is going to cost Rs 12000 Crores to the govt and had they gone for polymer notes, it would have had cost them Rs 48000 Crores.

Now the question arises that  what is a polymer note and answer lies i the fact that it is somewhat similar to being a plastic note  with better features and long life and thus makes the nation more business friendly.

The first polymer notes introduced in the world was in Australia in 1996. The then Government of Australia stated the rise in black money in the country and currency bills losing life quickly. One point which needs to be noted is that it is easier to go for such type of notes in smaller population countries as compared to bigger countries. However, govt is thinking on the right lines and soon we will have pilot project being launched in certain districts.

The govt has to take the decision with some thought process as knee jerk reactions should be avoided. Like yesterday it announced to launch a new channel to promote digital banking awareness and here we will ask the govt to use the existing platform of Doordarshan to spread their message.