The Reserve Bank of India (RBI) is taking significant steps towards introducing polymer currency notes in India. Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly-owned subsidiary of the RBI, has issued a global tender for the supply of Biaxially Oriented Polypropylene-based Opacified Polymer Substrate with security features. This move follows discussions by RBI Governor Sanjay Malhotra at last month's Monetary Policy Committee post-policy press conference, where he acknowledged the proposal was under consideration.
The tender, worth 68,000 reams (with each ream containing 500 sheets), is an indicative requirement for immediate needs, with 34,000 reams designated for each of two denominations. The deadline for bid submissions is August 18. This material will be used to print currency notes at BRBNMPL's own presses and those of the Security Printing and Minting Corporation of India (SPMCIL), a public sector undertaking. To qualify, bidders must offer a minimum of 30 percent (20,400 reams) of the total quantity and have at least three years of experience supplying polymer substrates to central banks.
Polymer notes are expected to be more durable and difficult to counterfeit than traditional paper notes. The RBI spent over ₹4,800 crore (approximately $576 million USD) printing currency notes in the 2025-26 fiscal year, during which 2.3 lakh (230,000) fake notes were detected and 1,700 crore (1.7 billion) soiled notes were destroyed. Polymer notes last four to five times longer, offering cost savings by reducing printing and replacement expenses. The substrate must also include advanced security features such as a clear window, metallic numeral, magnetic pseudo thread, shadow image, and iridescent patterns, compatible with existing printing facilities.
A pilot rollout is anticipated to begin with ₹10 and ₹20 denomination notes. If successful, a full-scale rollout could commence in 2027. Stringent national security provisions are in place, prohibiting bidders from sourcing raw materials from China or Pakistan for India-related business and from engaging personnel who have worked in those countries for the proposed contract. Several countries, including Australia, the United Kingdom, Canada, and New Zealand, have already adopted polymer banknotes.
The EOI document also stipulates that the bidder's net worth must not be negative and should not have eroded by more than 30 percent year-on-year in the last three financial years ending March. Furthermore, the bidder needs to have an annual capacity to manufacture and supply at least 30 percent of the quantity of polymer substrate offered by them, with evidence provided for equipment and capacity.
