Uflex & US-based Spectra Systems bid to supply plastic film for RBI’s polymer banknote trial as RBI evaluates suppliers, PTI reports.

Uflex did not reply to a request for comment, so the company has not confirmed its participation.

Bharatiya Reserve Bank Note Mudran Pvt Ltd, the RBI’s wholly owned subsidiary, wants a plastic film that holds printing ink well.

The film needs a coloured coating and an anti-static layer so the print sticks well.

The tender asks for 68,000 reams, split evenly at 34,000 each for Rs 10 and Rs 20 notes. Each partner brings a different skill.

Uflex contributes polymer manufacturing, while Spectra Systems adds expertise in banknote authentication and security technology, the sources said.

The tender went out on 17 July, and firms had until 18 August to submit expressions of interest.

The tender followed the government’s approval to bring in polymer currency on a trial basis.

The RBI is expected to test material samples before any larger purchase.

Checks are likely to cover security features, manufacturing consistency, scalability and long-term supply.

In a Lok Sabha reply on 27 July, Minister of State for Finance Pankaj Chaudhary said the RBI had sent the government a proposal to introduce one billion pieces each of Rs 10 and Rs 20 polymer notes for field trials.

Regular issuance in those two denominations would follow after the trials end successfully. He said the government has approved the proposal.

Chaudhary called the introduction of polymer notes an early-stage effort. He said any effect on digital payments could be judged only after regular issuance begins, and added that banknotes and digital payments complement each other.

RBI Governor Sanjay Malhotra said in June that the proposal was under the central bank’s consideration and at a preliminary stage.

Around 60 countries use polymer notes fully or partly. Australia introduced them first, in 1988. Other users include the UK, Canada, New Zealand, Singapore, Vietnam and Romania.

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