India Moves Towards Polymer Banknotes with New Tender

India is taking significant steps towards the introduction of polymer banknotes, marking a potential shift from traditional paper currency. The Reserve Bank of India's currency printing arm has issued a tender for polymer substrate sheets, inviting bids from global manufacturers. While the specific denominations and rollout timeline remain unclear, the move promises enhanced durability and security. Stringent national security conditions are set for suppliers, including restrictions on sourcing materials from certain countries. Governor Sanjay Malhotra has indicated that the proposal is still under review, with updates expected as the situation develops. This initiative could redefine India's currency landscape, making it more resilient and secure.

By Narendra Chaudhary Jul 18, 2026, 15:33 IST

Introduction of Polymer Banknotes in India

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New Delhi, July 18: India has officially initiated the process of introducing polymer banknotes. The Reserve Bank of India's currency printing division has issued a call for global Expressions of Interest (EoIs) for the provision of polymer substrate sheets that include security features, according to various reports.

Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is seeking bids from qualified domestic and international manufacturers for the production of opacified polymer substrate sheets intended for banknote printing, with a submission deadline set for August 18.

Details regarding the specific denominations for these polymer notes or the timeline for their introduction have not been disclosed in the tender, as reported.

The introduction of polymer banknotes would represent a significant change for India, where currency has traditionally been printed on specialized paper for almost a century.

Polymer notes, crafted from resilient plastic films, typically offer greater resistance to wear and have a longer lifespan compared to standard paper currency.

According to reports, the tender includes strict national security requirements for potential suppliers.

Additionally, bidders must secure government clearance, ensure that operations in China or Pakistan are not linked to the Indian contract, avoid sourcing raw materials for India's banknote substrate from these countries, and commit not to supply India-specific substrate to any other nation.

In June, Governor Sanjay Malhotra mentioned that the Reserve Bank of India (RBI) is reviewing a proposal to implement polymer or plastic currency notes, although no definitive decision has been reached yet.

“We are assessing the advantages and disadvantages of this initiative and whether it is feasible to proceed. It remains in the early stages,” he stated.

Malhotra confirmed that the proposal is still under consideration and emphasized that updates will be provided once a decision is made.