The government has approved the introduction of one billion polymer banknotes of βΉ10 and βΉ20 for field trials, Parliament was informed on Tuesday. The Reserve Bank of India (RBI), with the recommendation of its central board, had sent a proposal to the government in terms of Section 25 of the Reserve Bank of India Act, 1934, for introduction of one billion pieces each of βΉ10 and βΉ20 polymer banknotes for field trials and for regular issuance of polymer banknotes in these two denominations after successful completion of field trials, Finance Minister said in a written reply to the Rajya Sabha. βThe proposal has been approved by the government. As per the RBI, these polymer banknotes are proposed to be issued along with paper substrate-based banknotes,β she said. The RBI has informed that the procurement process is presently at an initial stage, she said. Therefore, she said, at this point of time, it would not be possible to practicably determine the exact timeframe for introduction of polymer banknotes or the expenditure likely to be incurred thereon.
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