"It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.
The Reserve Bank for long has been planning to launch plastic currency note after field trials.Read More: Countries Where Plastic Currency is in Vogue
Such notes were first introduced in Australia and 20 other countries to safeguard against counterfeiting.
Replying to another question, Meghwal said it was informed by RBI in December 2015 that they have received some banknotes of Rs 1,000 without having security thread which were printed at Currency Note Press (CNP), Nashik, on paper supplied by Security Paper Mill (SPM), Hoshangabad. An inquiry has been initiated by Security Printing and Minting Corporation (SPMCIL) and the units involved (SPM and CNP).
"Major penalty chargesheet has been issued to the personnel concerned. Disciplinary proceedings have been initiated as per departmental rules," the minister said.
Meghwal further said action has been taken to strengthen quality procedure and online inspection system in manufacturing process and special training has been given to the persons concerned to avoid such types of mistakes in future.
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