Plastic Currency Notes.... One step towards economic security

The Pandora's box has been opened by the Reserve Bank of India. The outcome was not really that surprising to say the least. People were expecting it. The question actually was "When" and not "What". But finally the plastic currency is here.

The need for plastic currency in India was put forth by experts way back in 2000 and the RBI took the pleasure in denying any plans to introduce the plastic currency. There was perhaps no need of plastic currency and the benefits of investing in plastic currency were pretty unclear. There was no information available about the volume of counterfeiting of the currency. So the RBI was least interested in the idea of plastic currency.

The need was severely realized when CBI made a breakthrough discovery that the secret template used by the RBI to print notes was in fact compromised by the ISI and the neighboring countries. The template was now used to pour fake notes into India and that too without leaving a trace. The fact which was more disturbing for India was the assistance of Nepal, India's long lived friend in the racket of counterfeiting. Even the royal families were involved in the racket of money making. So the bilateral relations were given a hard pinch by the discovery.

Now the RBI went behind the so called bad guys and unearthed some of the details of the fake money racket. The details revealed facts which stunned even the best of the economists. If the figures way back in 2005 were disturbing, the 2009 figures uprooted the confidence of Indian law makers and the economic experts. There was virtually a parallel economy set up by using the fake currency notes. 1 note in every 6 notes was fake. The economic tremors were starting to show their ugly face. No part of India was left untouched.

And where was this money primarily used? To give to poor farmers committing suicide an economical uplift (that even government of India doesn't do) or may be to sponsor child education or simply to have fun with the money in hand by the so called waste youngsters? Unfortunately not!!!!!!!
The money was used in all the anti-India activities. The arms and ammunition purchase was done using this money. The drugs racket was setup and operated using the fake currency. The ministers and officers were bribed to compromise with the national security. The money was put into stock market through systematic infusion only to take away the support when needed the most. Youth was lured into terrorist camps by offering the amounts which were beyond their reach in the whole life. Terrorists camps were setup right inside Indian territory. Divisive forces like maoist were supported both financially and on the weapons front. Various routes were exploited to unsettle the developing economic superpower. The racket reached to such an extent that even the ATM machines started distributing the fake notes. The signs were really ominous for an economy which had just started reaping benefits of constant and dedicated efforts towards becoming a superpower.

The RBI policy gives away more than one point. It shows the stance which developing India is ready to take. The plastic currency notes decision sends out a loud signal that India is wary about the threats across the border. It also portrays India's capability to accept the facts without any inhibitions and the versatility to move the things around pretty fast. It also makes one point clear that India is not immune to new technologies and has the infrastructure to implement anything and everything. One very important signal that India has sent out is rather than going to UN and running from pillar to post behind pakistani authorities submitting endless list of proofs, India has decided to tackle the problem head-on. This is really what a socio-economical superpower should do.

The plastic notes have been in circulation in countries like Australia, Mexico etc and have proved their mettle in tackling the counterfeiting problem. The lifetime of plastic notes is 5 times more than the traditional paper notes. So the step has been welcomed in India by all the sectors of social hierarchy. They say "Well begun is half done"...... Well the start is here and the results are awaited.....