: CAIT writes to PM, urges him to introduce polymer notes and promote digital payments through campaigning #FinanceIndia #StockMarketNEWS CAIT writes to PM, urges him to introduce polymer notes and promote

@StockMarketNEWS Thu 12 Mar, 2020

Posted in: #FinanceIndia #StockMarketNEWS

CAIT writes to PM, urges him to introduce polymer notes and promote digital payments through campaigning #FinanceIndia #StockMarketNEWS
CAIT writes to PM, urges him to introduce polymer notes and promote digital payments through campaigning New Delhi, Mar 12 (KNN) In context of current Corona Virus and various epidemics that may occur from time to time, the Confederation of All India Traders (CAIT) has sent a letter to PM Modi urging him to introduce polymer notes in India and to launch an aggressive national campaign for adoption and acceptance of digital payments in the country.

Trader's body said that usage of paper the currency which is most dreaded carrier for different viruses and infections due to rapid change of hands between unknown people and thus becomes a health hazard.

“In line with large number of countries of the world who have adopted polymer notes as the official currency, it is also the right time for the government to adopt polymer notes in place of paper currency which are much safer from the point of view of health and risk of carrying viruses or infection through polymer notes is highly minimal as also its counterfeiting is almost negligible and it has more security features than paper currency”, CAIT said in a letter.

“Polymer notes are also able to withstand extreme temperatures. Further, if it is worn out, the polymer bank note can be recycled, so there is a decreased chance of depletion of resources while also resulting in less harm to the environment. Polymer banknotes last significantly longer than paper notes, causing a decrease in environmental impact and a reduced cost of production and replacement”, the letter further read.

CAIT National President B C Bhartia and Secretary General Praveen Khandelwal appreciated the steps taken by the government to protect country and citizen from COVID-19, which has resulted in very fewer numbers of people infected with the Coronavirus in comparison to its global impact.

''We are of the considered opinion that in pursuance of the call given by the Prime Minister earlier for adoption of digital payments and making India a less-cash society, it is the time when such initiative should be supported by a massive national drive for adoption and acceptance of digital payments throughout the country. The CAIT has reiterated its support to the government for any such drive,'' they said.

Polymer banknotes are made from a synthetic polymer such as biaxially oriented polypropylene (BOPP) and such notes incorporate many security features not available in paper banknotes, including the use of metameric inks. Polymer banknotes last significantly longer than paper notes, causing a decrease in environmental impact and a reduced cost of production and replacement.

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