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RBI seeks bids for 68,000 reams of polymer notes
The Indian Express··31 Aug
Indian and foreign firms have bid to supply polymer substrate sheets for low-denomination plastic banknotes after Bharatiya Reserve Bank Note Mudran issued a global Expression of Interest. Bidders certified their polymer will not contain animal tallow and agreed to firewall operations in India from those in China and Pakistan. BRBNMPL indicated an approximate requirement for 68,000 reams of polymer substrate.
Prism
What It Means For You
- Future low-denomination plastic banknotes in India will depend on which polymer substrate suppliers pass BRBNMPL's climatic zone testing.
- Bidders must certify their polymer sheets contain no animal tallow, addressing concerns that delayed polymer currency introduction elsewhere.
- BRBNMPL samples will be tested across climatic zones before eligible firms can apply for the final tender.
What's Happening
- At least two foreign polymer currency manufacturers and an Indian substrate manufacturer partnered with De La Rue have placed bids.
- Companies filled an integrity pact, confidentiality contract, no-agent pact and undertaking to firewall India operations from China and Pakistan.
- Each ream should consist of 500 sheets of polymer film with samples provided alongside the bids.
India Polymer Banknote Supply Chain
- BRBNMPL set an August 18 deadline for the global Expression of Interest on polymer substrate supply.
- Controversies over animal tallow in banknotes in countries like the UK are cited as one reason for RBI hesitation on polymer currency.
- A corrigendum clarified bidders were not required to provide proof of financial standing at this qualifying stage.
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