New Delhi, Aug. 12 -- The government has approved the introduction of one billion polymer banknotes each in the Rs 10 and Rs 20 denominations for field trials, Finance Minister Nirmala Sitharaman informed Parliament on Tuesday.

In a written reply to the Rajya Sabha, Sitharaman said the Reserve Bank of India (RBI), based on the recommendation of its Central Board, had proposed introducing polymer banknotes under Section 25 of the RBI Act, 1934, PTI reported.

Polymer Notes to Circulate Alongside Paper Currency

The RBI has proposed issuing polymer banknotes alongside existing paper substrate-based currency notes. Following successful field trials, the central bank has also proposed the regular issuance of polymer notes in the two denomina...