New Delhi: Amid speculation and now-debunked rumours about the Reserve Bank of India replacing paper currency with plastic notes, one thing is clear: polymer money is no longer experimental. Nearly 60 countries around the world have issued polymer banknotes at least once—either fully, partially, through commemorative issues, or as pilot projects.
In India, the discussion on polymer currency has been going on for nearly two decades. The RBI first proposed polymer notes in 2007 and announced plans to conduct pilot projects using Rs 10 notes in cities such as Jaipur, Shimla, Bhubaneswar, Mysuru, and Kochi. Over the years, several tenders and feasibility studies were undertaken, but the proposal never moved beyond the planning stage. In 2016, the government informed Parliament that the process of procuring polymer notes had been initiated, yet nothing materialised.
On 5 June 2026, RBI Governor Sanjay Malhotra confirmed after the Monetary Policy Committee meeting that “polymer note is under consideration,” but the idea remains in the preliminary stage with no final decision made. Viral social media claims that the RBI will withdraw paper currency and replace it with plastic notes from 30 June 2026 were debunked by PIB Fact Check on 10 June. The agency termed the claim “false” and clarified that the banking regulator maintains its current currency structure with no plans to withdraw paper currency notes by that date.
Other countries in the world have largely shifted from paper to polymer to reduce counterfeiting, cut replacement costs and increase the lifespan of banknotes. Around a dozen countries, including Australia, Canada, New Zealand, Romania, Singapore and Vietnam, now use polymer currency across all denominations.
Australia
The world’s first true polymer banknote was introduced in 1988 with a commemorative 10-dollar note marking Australia’s bicentenary. It took 20 years and $20 million in development before the polymer notes hit circulation. By 1996, it had completely replaced paper notes, becoming the first country to operate entirely on polymer currency.
Romania
In 1999, Romania became the first European country to issue polymer banknotes and completed a full transition by 2005. Its experience demonstrated that polymer currency was not limited to wealthy Western economies.
Singapore
Singapore issued a polymer 50-dollar note in 1990, making it the second country in the world to embrace the technology. Today, all its banknotes are polymer, proving the material performs well in tropical and humid climates.
Vietnam
Vietnam began introducing polymer notes in 2003 and completed the shift for most denominations by 2006. Often cited as one of the earliest developing countries to make the switch, Vietnam adopted polymer nearly two decades before India began seriously reconsidering the proposal.
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United Kingdom
The Bank of England launched its first polymer 5-pound note in 2016, followed by the 10 pound and 20 pound. The move brought polymer currency into one of the world’s most established financial systems and inspired several other countries to follow.
Oman
Among the latest countries to join the polymer club, Oman issued its first polymer one-rial banknote in January 2026. The note, featuring the Oman Botanic Garden and Duqm Port, marked the country’s departure from traditional cotton-based currency.