In view of the increasing demand for cash, the Reserve Bank of India is considering printing plastic notes.
The Reserve Bank of India (RBI) is considering introducing plastic notes in the country. The reason for this is the continuously increasing demand for currency in the country. Due to their longer shelf life and lower cost compared to paper, they can be issued in the country. This has been discussed in the board meetings. Its pilot project can be started for the general public. Dozens of countries around the world are already using plastic currency. There are many countries including Australia, Singapore, Canada and Netherlands where plastic currency is being used.
In countries where plastic currency is prevalent, its expiry is usually 15 years. This means that plastic currency lasts many times longer than paper notes. Let us find out in this context how much 500 Indian rupees are worth in countries where plastic notes are prevalent.
Value of Indian currency in a country using plastic notes
1- Australia: Australian dollar is the official currency here. it is usually A$ Or AU$ Let’s write. If we compare the Indian currency there, then 500 Indian rupees going to Australia becomes 7.34 Australian dollars. The figure shows the currency difference between the two countries. Australia is the first country in the world to issue plastic currency. It was started in 1988.
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2- Canada: The official currency here is Canadian dollar. It is shown with the symbol Can$ or C$. 100 rupees from India goes to Canada and becomes only 7.25 Canadian dollars. The work of controlling and issuing it is done by the Bank of Canada. The bank notes here have been completely converted into polymer.
Canadian dollar. Photo: Pixabay
Britain: Britain long ago replaced its traditional paper notes with complete sets of polymer £5, £10, £20 and £50 notes. The official name of the currency here is Pound Sterling. Usually it is called British pound. Pound Sterling is represented by £ and its currency code is GBP (Great British Pound). To compare this, 500 Indian rupees becomes 3.92 pounds sterling in Britain.
The official name of Britain’s currency is Pound Sterling. Photo: Pixabay
New Zealand: Here completely polymer i.e. plastic currency is in use. New Zealand dollar is the official currency here. This is shown with the NZD currency code. If compared with India, when Indian Rupees 500 reaches New Zealand it becomes 8.82 New Zealand dollars. Here the work of controlling the currency and issuing guidelines is done by the Reserve Bank of New Zealand Te Pūtea Matua.
The currency code of New Zealand is NZD. Photo: Pixabay
brunei: Only polymer (plastic) notes are used as national currency in Brunei. The official currency here is the Brunei dollar.The circulation of such notes started here for the first time in the year 2004. At present, all the prevalent notes including notes of Rs 1, 5, 10, 100 and 500 have been converted into plastic currency. India’s 500 rupees in Brunei becomes just 6.71 Brunei dollars.
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