Rs 500 fakes are rising. Are plastic notes the solution?

The amount of cash in the Indian economy has risen every year since 2018. Every year, India’s central bank has to dispose of nearly 2 lakh currency notes that are too damaged to be used, most of them of high value denominations. And every year, the number of counterfeit notes detected is nearly 2 lakh, with a rising number of fake Rs 500 notes.
Several countries have switched to plastic polymer notes. The Reserve Bank of India mooted the idea in 2007, but despite a pilot project being planned in five cities, the project went nowhere.