RBI Governor Sanjay Malhotra announced on August 5, 2026 that polymer (plastic substrate) currency notes — currently at pilot stage — are targeted for general circulation from the beginning of FY 2027-28 (April 1, 2027), subject to successful testing and security clearances. Polymer notes use biaxially oriented polypropylene (BOPP) substrate — lasting approximately 2.5 times longer than paper notes, resistant to dirt and moisture, harder to counterfeit, and recyclable. Australia was the first country to use polymer notes (1988). The UK adopted polymer notes in 2016. India's pilot focuses on ₹10 and ₹20 denominations with 1 billion notes each.
India
RBI Governor: Polymer Banknotes Targeted for General Circulation from FY 2027-28 — Subject to Pilot Testing and Security Clearance
Key Points
- RBI Governor Sanjay Malhotra announced on August 5, 2026 that polymer (plastic substrate) currency notes — currently at pilot stage — are targeted for general circulation from the beginning of FY 2027-28 (April 1, 2027), subject to successful testing and security clearances
- Polymer notes use biaxially oriented polypropylene (BOPP) substrate — lasting approximately 2.5 times longer than paper notes, resistant to dirt and moisture, harder to counterfeit, and recyclable
- Australia was the first country to use polymer notes (1988)
- The UK adopted polymer notes in 2016
- India's pilot focuses on ₹10 and ₹20 denominations with 1 billion notes each
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• RBI: polymer banknotes target for general circulation — FY2027-28 (from April 1, 2027) • Polymer notes: BOPP (biaxially oriented polypropylene); 2.5× longer life; moisture-resistant; harder to counterfeit • Pilot: 1 billion each of ₹10 and ₹20; approved August 2026 • Australia: first polymer notes (1988); UK adopted 2016; 60+ countries now use polymer notes
