India Eyes Plastic Currency, Sets China-Pakistan Firewall Condition | Polymer Notes Explained

India is taking steps towards introducing polymer banknotes, beginning with lower denominations, according to multiple media reports. The RBI’s subsidiary, Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), has invited global bids for specialised BOPP-based polymer substrate sheets with built-in security features. The procurement involves 68,000 reams, split equally between two denominations. Samples submitted by bidders will be tested across different climatic zones before eligible suppliers move to the final tender stage. Reports say bidders must also meet financial, manufacturing and security-clearance requirements, while keeping their India operations firewalled from operations in China and Pakistan. Companies reportedly in the race include Cosmo First, partnered with De La Rue, and Australia’s CCL Secure. ₹10 and ₹20 notes are reportedly likely to be the first polymer denominations, but no nationwide rollout has been confirmed.