India Advances Polymer Banknote Plans with Global Supplier Bids

India is moving towards introducing polymer banknotes, and it has been reported that companies including CCL Secure (Australia), Cosmo First in partnership with De La Rue, and Q&T Hi-Tech Polymer from Vietnam (partnering with India-based Pigments and Allieds, a supplier of coatings, pigments and taggants and Stardust Security's Indian partner) have submitted bids to provide opacified polymer substrate sheets with advanced security features.

Bharatiya Reserve Bank Note Mudran (BRBNMPL), a wholly owned subsidiary of the Reserve Bank of India (RBI), recently issued a global Expression of Interest for the manufacture and supply of polymer substrates. The bid deadline was 18 August 2026. Supplies are planned for both BRBNMPL and the presses of Security Printing and Minting Corporation of India Ltd (SPMCIL).