Consider the following statements 1 The first polymer notes introduced in the world was in Norway in...........

Economic Affairs Money Supply and Monetary Policy

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Consider the following statements:

1. The first polymer notes introduced in the world was in Norway in 1996.

2. In 2014, Indian government announced to issue plastic notes in selected cities.

Which among the above is / are correct?

Only 1

Only 2

Both 1 & 2

neither 1 nor 2

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Explanation:

The first polymer notes introduced in the world was in Australia in 1996. The then Government of Australia stated the rise in black money in the country and currency bills losing life quickly. The government then proposed costlier polymer notes with better features and long life, making Australia more business friendly. In February 2014, the government had informed Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities selected for their geographical and climatic diversity. The selected cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar