A Different Bank Note
THE day is not far when instead of the usual
paper bank notes, plastic ones will be making the rounds in the market. In fact, the idea
of plastic notes was mooted some time back but only recently has Nepal Rastra Bank (NRB)
decided to go ahead with the plan for issuing plastic currency as soon as its proposal
receives the assent of the government. This means that a change in line for the look and
durability of the bank notes in circulation. Of course, once NRB gets its proposal
approved, ten rupee currency notes will hit the market first of all. On the part of NRB,
it has completed all the necessary homework for the same. Issuing and using plastic
currency is not a new thing in the world as Singapore, Bangladesh, Thailand, Australia and
some other countries have met with success in circulating them. There are many benefits
which have made NRB vigorously pursue the idea of issuing plastic notes. The benefits are
numerous. Among others, they are unaffected by water or moisture, durable and can bear the
rough handling that Nepali currency notes are subjected to. Though the cost of the Rs. 10
bank notes—the first in the pipeline—would be about twice as much as the
conventional ones but in the long run they will prove to be more cost effective. Besides
this, that these will have a four-fold increase in its life makes sense when economy has
to recieve greater attention. The NRB has always had to handle worn out paper notes in
great numbers so the idea of going plastic has a greater significance. The cost factor is
itself a major reason why NRB had this in mind for quite some years. But now it seems that
the pace of work has picked with NRB giving the final touches to the proposal for plastic
notes to be sent to the government for approval. Therefore, it may take some time before
the people will be able to use the plastic bank notes, which will have all features of the
paper currency, but the durability factor outweighs everything else.
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