Moving a step closer to the introduction of low-denomination plastic banknotes in India, both Indian and foreign firms have submitted bids for the supply of polymer substrate sheets with built-in security features. This follows the global Expression of Interest (EOI) issued by the Reserve Bank of India subsidiary Bharatiya Reserve Bank Note Mudran (P) Ltd (BRBNMPL), which set an August 18 deadline.
At least two foreign polymer currency manufacturers and an Indian substrate manufacturer in partnership with UK banknote manufacturer De La Rue have placed their bids, as reported by The Indian Express. Given the sensitivity surrounding future supplies of polymer banknotes, the companies have been required to fill out an integrity pact, a confidentiality contract, a no-agent pact, and an undertaking to firewall their operations in India from any they may have in China and Pakistan.
Key Requirements for Bidders
The bidders must also certify that their polymer substrate will not contain any animal tallow content or its DNA for supplies to the BRBNMPL. Controversies regarding the presence of animal tallow in banknotes in countries like the UK are believed to be one of the reasons for the RBI’s hesitation over the introduction of polymer currency in India.
In its EOI documents, the BRBNMPL has highlighted an “immediate” requirement, indicating an approximate need for 68,000 reams of polymer substrate for printing Indian banknotes. Each ream should consist of 500 sheets of polymer film, with samples to be provided alongside the bids. These samples will be tested in various climatic zones, and those found eligible will be allowed to apply for the final BRBNMPL tender.
