The central bank is also examining the pros and cons of plastic currency notes
| Photo Credit:
Nisha Dutta
India appears to have taken a major step towards introducing polymer banknotes, with RBI-owned Bharatiya Reserve Bank Note Mudran (P) Ltd (BRBNMPL) floating a global expression of interest (EoI) for manufacturing and supply of polymer substrate used to print plastic currency notes.The development follows last month’s Monetary Policy Committee (MPC) post-policy press conference, where RBI Governor Sanjay Malhotra acknowledged that the proposal was under consideration.“We will let you know as soon as a decision is made,” he said while adding that the central bank is examining the pros and cons of it and “whether it will be worthwhile to do it. It is still at a preliminary stage.”The indicated requirement, according to the EoI document dated July 17, for ‘Biaxially oriented polypropylene (BOPP)-based opacified polymer substrate with security features for printing of Indian banknotes’ has been set at 68,000 reams with 34,000 reams for each denomination. Each ream will consist of 500 sheets. The bidder should offer minimum 30 per cent of the above quantity i.e., at least 20,400 reams of polymer substrate for banknotes to qualify in this EoI, the document said.Competitive bids‘We seek competitive offers from manufacturers and suppliers of opacified polymer substrate with security features suitable for printing banknotes. The indicative requirement in this EoI is meant for immediate requirement. Once our field trials are successful, we intend to go for procurement of larger quantity of substrate across different denominations and the same is likely to be shared in the upcoming RFP/final tender or in future tenders which shall follow this EoI,” the document said.Meanwhile, the document mentioned that the bidder should have essentially manufactured and supplied polymer substrate with security features to any central bank or banknote printing organisation or security product printing organisation for at least last three years ending March 31, 2026. It should have manufactured and supplied at least 30 per cent of the offered quantity of the polymer substrate for banknotes to any central bank or banknote printing organisation or security product printing organisation in any one year during the last five years ending March 31, 2026.Further, the bidder must have an annual capacity to manufacture and supply at least 30 per cent of the quantity of polymer substrate offered by them. The evidence for annual capacity must be provided with list of equipment and its capacity, document said while adding that the net worth of the firm should not be negative as on March 31, 2025, and also should not have eroded by more than 30 per cent year-on-year in the last three financial years ending March 31, 2025.Printing notesAccording to RBI annual report, total of 2,810 crore pieces of currency notes supplied by BRBNMPL and Security Printing and Minting Corporation of India Ltd (SPMCIL). The central bank spent over ₹4,800 crore during the fiscal on printing notes. During the same year, it destroyed 1,700 crore pieces of soiled notes. In the same year, the value and volume of banknotes in circulation increased by 11.9 per cent and 10.5 per cent, respectivelyPublished on July 17, 2026
