Sunday, 25 May 2014

Plastic currency


“Ensuring trust and confidence in money is at the heart of what central banks do,” Mark Carney, the governor of the Bank of England, said in a statement. “Polymer notes are the next step in the evolution of banknote design to meet that objective. The quality of polymer notes is higher, they are more secure from counterfeiting and they can be produced at lower cost to the taxpayer and the environment.” India too is making a necessary headway to shortly introduce plastic currency in the country falling in line with the countries which have already switched over to this mode of currency which involves lesser cost and is user friendly in the sense that the wear and tear is negligible. Earlier in India those who had money in terms of gold coins or later in silver coins enjoyed keeping them in a cotton tube around their waist all the time feeling proud of them but that possibility may lack now as the plastic currency can at the best be kept in a wallet and not in a cotton tube or bag.

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