RBI Plastic Notes 2027; Tewolde Gebremariam Joins Air India

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RBI Plastic Notes 2027; Tewolde Gebremariam Joins Air India | Daily News

Today’s important current affairs, which are essential for students preparing for government jobs…

NATIONAL

1. Tewolde Gebremariam becomes new CEO and MD of Air India

On 5 August, Air India appointed Tewolde Gebremariam as its new CEO and MD.

Tewolde replaced Air India’s former CEO Campbell Wilson, who resigned from his position in 2024.

Tewolde has been the Group CEO of Ethiopian Airlines. He is considered one of Africa’s most successful aviation leaders.

During Tewolde’s 11-year tenure, Ethiopian Airlines expanded rapidly and became Africa’s largest airline.

During Tewolde’s tenure, the airline’s fleet grew from 33 aircraft to 130 aircraft.

Tewolde increased the number of passengers from 30 lakh annually before the COVID-19 pandemic to 1.2 crore.

Air India

Air India was established on 15 October 1932.

In 1953, the Government of India nationalised it.

In January 2022, Air India came under the ownership of Tata Group.

2. Cabinet Secretary T.V. Somanathan’s tenure extended

On 6 August, the Central Government extended the tenure of Cabinet Secretary T.V. Somanathan for one year.

Somanathan will now remain in the post of Cabinet Secretary until 30 August 2027.

Somanathan is a 1987 batch IAS officer of the Tamil Nadu cadre.

Somanathan’s current tenure was to end on 30 August 2026. He became Cabinet Secretary in August 2024.

Somanathan has also worked as Additional Secretary and Joint Secretary in the PM’s Office.

From 2011 to 2015, Somanathan also served as Director in the World Bank Group in Washington DC.

Along with Somanathan, the tenure of Union Home Secretary Govind Mohan has also been extended by one year. He will remain in office till 22 August 2027.

Somanathan was appointed Cabinet Secretary in August 2024.

3. Bankers Books Evidence Bill 2026 passed

On 5 August, the Lok Sabha passed the Bankers Books Evidence Bill.

This bill will replace the old Bankers Books Evidence Act, 1891.

Now bank documents in electronic form can be directly presented in court.

Bank records maintained in electronic form will receive clearer recognition as legal evidence.

Its objective is to update laws in line with technological changes happening in the banking sector.

Digital signatures and server data have also been included in the law.

The new law will simplify the process of submitting digital bank records for courts and investigation agencies.

With this law, digital transactions, online entries, e-statements and virtual records will now be directly accepted as evidence in court.

This will help investigation agencies strengthen cases against accused with the help of digital evidence in cases of cybercrime, online banking fraud and financial scams.

Bankers Books Evidence Act

The Bankers Books Evidence Act came in 1891, which is a banking law.

It sets rules for presenting bank records and copies as evidence in courts.

Under this, banks did not need to bring original paper books or documents to court in every case.

Rather, the copy itself was considered as genuine evidence.

Whereas today more than 90% of banking transactions have become digital like UPI, IMPS, e-banking.

With the new bill, the legal framework has been made according to modern technology.

Finance Minister Nirmala Sitharaman placed the bill before the House for consideration and passage, which was passed by voice vote.

4. RBI will launch plastic notes in 2027

On 6 August, RBI Governor Sanjay Malhotra informed that polymer or plastic notes will be launched next in the year 2027.

This information was given in the RBI’s Monetary Policy Committee. These notes will be issued between April-May.

Initially, low value polymer currency notes will be issued. These have the highest circulation and usage in the market.

On 27 July, the central government approved testing of plastic notes of ₹10, ₹20.

The Reserve Bank will print a total of ₹200 crore polymer or plastic notes.

Under the pilot project, polymer bank notes worth ₹3,000 crore will be issued.

The central government has made it clear that there is currently no proposal to completely replace paper notes.

It should be noted that polymer banknotes are printed on a special type of plastic material, i.e., polymer substrate, instead of paper.

These feel as light as regular notes to touch, but they don’t deteriorate even when wet in water and last for a long time.

These notes don’t get damaged by water, dust, and dirt, don’t tear easily, and last for a long time.

Advanced security features can be easily added to polymer sheets, which will make counterfeiting notes almost impossible.

Plastic notes have a longer lifespan compared to paper notes and are difficult to counterfeit.

India also attempted to introduce polymer notes in 2012 but the plan was postponed due to technical challenges.

These are currency notes that are made from a special plastic called polymer instead of paper.

Australia is the first country in the world to issue polymer banknotes in 1988. After that, many countries adopted them.

In India, for the first time in January 1946 during the British era/just before independence, the then British government discontinued large denomination notes of ₹500, ₹1000 and ₹10,000.

The objective then was to flush out black money and illegal earnings during the war.

Polymer notes vs paper notes

Material

Polymer note: Made of a plastic film called polypropylene (BOPP).

Paper note: Made mainly from a mixture of cotton and cotton lint.

Durability

Polymer note: Extremely strong; difficult to tear or damage by bending.

Paper note: Fragile; can tear, bend, or break easily.

Lifespan

Polymer note: Lasts 2.5 to 4 times longer than paper notes.

Paper note: Short lifespan; needs frequent replacement due to wear and tear.

Security

Polymer note: Transparent windows, holograms, and advanced security features can be added, making counterfeiting extremely difficult.

Paper note: Has watermarks, security threads, and micro-lettering, but is easier to counterfeit than polymer notes.

Cleanliness

Polymer note: Non-porous surface prevents dirt, sweat, and bacteria from sticking; easy to clean.

Paper note: Porous surface absorbs moisture, sweat, dirt, and bacteria easily.

Environmental impact

Polymer note: Can be completely recycled into other plastic products.

Paper note: Biodegradable, but repeated printing consumes large amounts of trees and energy.

Cost

Polymer note: High initial printing cost.

Paper note: Low initial printing cost.

Flexibility

Polymer note: Slightly stiff and tends to return to its original shape after folding.

Paper note: Flexible and can be bent easily in different ways.

SPORTS 5. Felicitation and Cash Awards for CWG 2026 Medal Winners

On 5 August, Sports Minister Mansukh Mandaviya honored the athletes who won at the Commonwealth Games 2026.

The Central Government has given prize money to all athletes category-wise under the Sports Awards Policy.

Gold medal winners were given ₹20 lakh, silver winners ₹10 lakh, and bronze winners ₹7.5 lakh.

Haryana Chief Minister Nayab Saini has also announced a special felicitation ceremony for the state’s players.

The Commonwealth Games were held in Glasgow from 23 July to 2 August. India won a total of 39 medals including 13 gold, 17 silver, and 9 bronze.

India was at fourth place in the medal tally. While Australia was at first place with 171 medals including 70 gold.

England won a total of 110 medals and Canada was at third place with 62 medals.

Boxing had the biggest contribution in India’s 39 medals. Boxers won a total of 10 medals including 7 gold and 3 silver.

The central government has given this honour for the outstanding performance of the players.

MISCELLANEOUS

6. National Handloom Awards will be given today

On 7 August, the Central Government will present the National Handloom Awards to the country’s outstanding weavers.

This year, a total of 22 weavers from across the country have been selected for their outstanding and unique contribution to the handloom sector.

These include 3 Sant Kabir and 19 National Handloom Awards.

On this occasion, President Draupadi Murmu will be the chief guest and Union Textile Minister Giriraj Singh, Union Minister of State for Textiles Shri Pabitra Margherita will also participate.

Two traditional weavers from Andhra Pradesh state have also been included.

These awards are given to weavers who keep alive the country’s weaving tradition and innovate in handloom products

The handloom industry is an extremely important means of employment after agriculture in rural areas.

Through the National Handloom Awards, women and youth in rural areas will be inspired to connect with this art.

These awards will give Indian handicrafts and cotton-silk textiles a new identity in the global market.

National Handloom Awards are given with the objective of preserving the country’s traditional handloom art and honoring the talent of rural weavers on the national platform.

Today’s History

In 1905, a historic meeting was held at Calcutta Town Hall in opposition to the Partition of Bengal and the Swadeshi Movement was launched.

In 1941, Rabindranath Tagore, the great poet, litterateur and Nobel Prize winner, passed away.

In 1944, the first electronic calculator was made, which was very large in size.