New Delhi, July 18, 2026 (Yes Punjab News)
India has taken its first formal step towards the possible introduction of polymer banknotes, with the Reserve Bank of India’s (RBI) currency printing arm inviting global Expressions of Interest (EoIs) for the supply of polymer substrate sheets embedded with advanced security features.
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) has invited eligible domestic and international manufacturers to submit bids by August 18 for the manufacture of opacified polymer substrate sheets used in banknote printing.
The tender, however, does not specify the denominations proposed for polymer currency notes or any timeline for their introduction.
If implemented, polymer banknotes would mark a significant shift in India’s currency printing system, which has relied on specialised paper for nearly a century.
Polymer notes, made from durable plastic film, are more resistant to wear and tear, last considerably longer than paper notes, and offer enhanced security features, making them increasingly popular in several countries.
The tender also lays down stringent national security conditions for prospective suppliers. Bidders will be required to obtain security clearance from the Government of India, ensure that any operations in China or Pakistan remain completely isolated from the India contract, refrain from sourcing raw materials for India’s banknote substrate from either country, and undertake not to supply India-specific substrate to any third country.
The development comes weeks after RBI Governor Sanjay Malhotra said the central bank was examining the feasibility of introducing polymer, or plastic, currency notes, while clarifying that no final decision had yet been taken.
“We are examining the pros and cons of it and whether it would be worthwhile to implement. It is still at a preliminary stage,” Malhotra had said in June.
He had reiterated that the proposal remained under consideration and that the RBI would make an announcement once a final decision was taken.
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