India to soon have Rs 10 & 20 polymer banknotes
Govt approves introduction of one billion such polymer banknotes
PTI
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The RBI has informed that the procurement process is presently at an initial stage
New Delhi, 11 Aug
The government has approved the introduction of one billion polymer banknotes of Rs 10 and Rs 20 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 Rs 10 and Rs 20 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.
"The 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," 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.
Replying to another question, Sitharaman said the average retail inflation, measured by the Consumer Price Index (CPI), has declined steadily from 5.4 per cent in 2023-24 to 4.6 per cent in 2024-25 and further to 2.1 per cent in 2025-26.
Owing to the commodity price shock and elevated global energy prices stemming from the West Asia crisis, a seasonal pickup in vegetable prices, and the expected unfavourable El Niño conditions, retail inflation rose to 3.9 per cent in Q1 of 2026-27, she said.
However, she said, it is still below the Reserve Bank of India's inflation target of 4 per cent.
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