New Delhi, July 18 -- India has initiated its first formal move towards introducing polymer banknotes, with the Reserve Bank of India (RBI) inviting global bids for the supply of specialised polymer substrates used in currency printing.

The RBI's printing subsidiary, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), has sought Expressions of Interest (EoIs) from domestic and international manufacturers for producing polymer substrate sheets embedded with advanced security features. Interested firms have been asked to submit bids by August 18, The Economic Times reported.

While the tender outlines technical and eligibility requirements, it does not specify the denominations to be printed or a timeline for the rollout of polym...