London: Bank of England has decided to launch plastic currencies for their nation. The first set of plastic currencies will be only for 5 & 10 pounds. On the currencies they have decided to delineate the images of Vinsten Churchil and Jai Oesten. Vinston Churchil was the renowned British Prime Minister who ruled the nation during the Second World War whereas Jaist Oesten, the famous British novelist. Currently the images on the currencies are of Queen Elizabeth.

The Governor of the Bank of England Mark Kanhi said that the plastic currencies will be smaller than the current currencies. The size of the plastic currencies will be increased with respect to their values. The manufacturing costs of these plastic currencies are considerably less than the current paper currencies. Moreover, they last longer than the paper material. According to the bank Governor the possibilities of fake currencies can also be avoided by launching these plastic currencies.

Presently, more than 25 countries in the world have been using such plastic currencies. Some of them are Australia, Singapore, Mauritius, New Zealand etc. The proposal to launch 10 rupee plastic currency is under the consideration of the Reserve Bank of India.