The good news: RBI is bringing new Rs 100 notes soon, will not crack and will not be damaged by water.
The Reserve Bank of India has decided to issue new Rs 100 notes in the near future. These notes will be coated with varnish.
It is currently in circulation on a trial basis and the bank is preparing to launch it on a large scale. The reason for coating varnish is to make the notes more durable and secure. The current 100 note deteriorates very quickly and is torn very quickly. The Reserve Bank has to exchange millions of crores of rupees every year. Usually one out of every five notes has to be removed and a large amount of money is spent on it.
Many countries around the world use plastic notes to get rid of this problem. If the trial of varnish coated notes is successful, the existing Rs 100 notes will be replaced in phases and the new notes will be exchanged for currency. There is no need to take extra care of the new note. Because it will not burst quickly and falling into the water will not cause much damage to it.
Varnish is commonly used when painting on wood and iron objects. Other countries of the world are using it in currency notes and now it has been decided to use it in India as well. The bank wants to design the new note in such a way that even blind people can recognize it by hand. As part of the new arrangement, measures like textile mark on notes, different sizes of notes are included.
The Bank has also set up a Quality Assurance Laboratory to improve the quality of notes. The notes are printed in different presses of the country and laboratory work is done to keep the standard the same.
