New Delhi, Sept. 1 -- India is set to introduce polymer banknotes, starting with low-denominations, according to multiple reports. Indian and overseas companies are bidding to supply the specialised polymer substrate which is required to manufacture the notes, according to a report by The Indian Express. The development comes after Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), a subsidiary of the Reserve Bank of India (RBI), invited global bids for polymer substrate sheets with built-in security features.

The latest report on the procurement also hints at the security concerns surrounding the production of Indian currency notes. Going by the same report, bidders have been required to sign an undertaking. It is described as a conf...