Central Banking

Plastic Rs 500-notes coming soon in India

INDIA - Plastic money will soon gain currency in India. Currency notes, printed on a special, thin PVC (poly vinyl chloride) film, are likely to replace their paper counterparts from 2003.

For starters, reports Dow Jones, Rs 500 denomination currency notes will be printed on PVC, to lend longevity to them and to fight the menace of counterfeit notes.

If things go well, notes of Rs 100 and Rs 50 denomination will also be printed on PVC, while all existing paper notes of these denominations wil