India eyes plastic notes: How govt plans to keep polymer currency secure from China, Pakistan influence

Bharatiya Reserve Bank Note Mudran Private Limited, the currency-printing subsidiary of the RBI, has shared a global Expression of Interest inviting domestic and foreign manufacturers to supply opacified polymer substrate sheets. Here's what it means.

India is set to introduce polymer banknotes, starting with low-denominations, according to multiple reports. Indian and overseas companies are bidding to supply the specialised polymer substrate which is required to manufacture the notes, according to a report by The Indian Express. The development comes after Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), a subsidiary of the Reserve Bank of India (RBI), invited global bids for polymer substrate sheets with built-in security features.

Polymer banknote supply chain without Pak, China links sought

The latest report on the procurement also hints at the security concerns surrounding the production of Indian currency notes. Going by the same report, bidders have been required to sign an undertaking. It is described as a confidentiality agreement and a no-agent pact, declaring that their operations in India will be firewalled from any operations they may have in China and Pakistan. This condition suggests that while India is open to global suppliers, it is working to establish a separation between the Indian currency supply chain and the bidders' operations in its two neighbouring countries.

Earlier in July, an Expression of Interest (EOI) raised a requirement of 68,000 reams of BOPP (Biaxially Oriented Polypropylene)-based polymer substrate, 34,000 reams each for two denominations, each ream comprising 500 sheets, as per ANI.

Indian and foreign firms in the race

Reportedly, these samples submitted by bidders will be tested across different climatic zones. Only those eligible will be allowed to make it to the final tender.

Applicants are also reportedly required to submit proof of net financial worth, manufacturing capacity, and eligibility for security clearance.

Among the companies reportedly in the race is Indian substrate manufacturer Cosmo First, which has partnered with UK-based banknote manufacturer De La Rue. The report added that Cosmo First has listed De La Rue as its technical partner, with the latter expected to provide security features for the polymer substrate. Australia's CCL Secure, which supplies polymer solutions to around 40 central banks, is another reported bidder who may supply polymer for Indian banknotes.

The final polymer substrate is expected to meet specific requirements.

The material must include security features, including a clear window with a portrait, a metallic numeral, a magnetic pseudo-thread, a shadow image, and an iridescent pattern, suitable for printing at the BRBNMPL and SPMCIL presses.

No animal tallow in polymer notes

Apart from these requirements, bidders have been asked to certify that the material supplied to BRBNMPL contains no animal tallow or its DNA. Concerns over animal-derived materials in banknotes in countries such as the UK have been reported to be one reason behind the RBI's hesitation over polymer currency.

India's proposed transition to polymer notes is likely not to be an immediate replacement of the current paper currency.

The Indian Express also reported that the RBI is probably aiming for a combination of polymer and conventional cotton-based currency for the count, with ₹10 and ₹20 denominations likely becoming the first ones in polymer format. Polymer banknotes are marketed as more durable and secure than the traditional cotton-based notes. CCL Secure claimed that polymer notes can last six times longer than paper currency.

The government has not yet confirmed a full-scale rollout of polymer banknotes.

About the Author

Sneha Biswas specialises in covering entertainment and pop culture, with a specialisation on Bollywood, Hollywood, OTT platforms, K-pop, K-dramas, and major developments in the US entertainment industry. She believes in telling stories that balance speed with substance, and in making entertainment journalism contextual, culturally aware, and reader-first rather than purely reactive.<br><br> With over six years of experience in digital media, Sneha currently serves as a Deputy Chief Content Producer at Live Mint. She has spent more than three and a half years with the HT Group and returned to the organisation in February 2025, joining Live Mint to uplift the entertainment section. Over the past year, she has been closely involved in entertainment coverage including breaking news, explainers, trend reporting, box office reports and analysis for the audience.<br><br> Sneha is Google News certified, having completed training focused on newsroom best practices, digital reporting, and SEO-driven content strategies. Her work reflects a strong understanding of audience behaviour, search trends, and the evolving consumption patterns of entertainment news across formats.<br><br> Prior to her current role, Sneha has worked across multiple content and editorial functions within digital newsrooms, building expertise in content planning, editing, and real-time coverage. Her professional interests lie at the intersection of entertainment, internet culture, and global pop trends.<br><br> Working for the National city team, Biswas closely follows global entertainment movements while maintaining a strong pulse on what is happening in India.

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