India to save Rs 1,200 crore by producing currency paper locally

[Levina]

Stick with Gandhi alone.....otherwise we will probably have to print according to political pressures.

why have leaders on notes and why not Indian monuments???

 

[Guynextdoor2]

Will this paper be easier to print fake notes? If so, some of our 'friends' would be jumping for joy!

That might be one reason why they never made it here. Cut off the source of special paper needed for currency domestically and you slow it down. Else, if paper gets pilfered from local factories (as it will definitely do), higher quality counterfeits will start flooding the markets.

 

[magudi]

Kaha he ache din?? I asked this again when is effing ache din???

 

[Nawaba]

ISI is also ready to help!

 

[itachiii]

I did hear they were getting commission for this but not sure if its true.


Gandhi, Nehru, Sadar Patel , Sarojini Naidu...hmm not bad

bhagat singh and subash chandra bose...

ISI is also ready to help!

ISI has helped us enough, its payback time now..

 

[he-man]

Will this paper be easier to print fake notes? If so, some of our 'friends' would be jumping for joy!

Time to enter a new business

 

[ashok321]

I did hear they were getting commission for this but not sure if its true.

There are some (past) vague news, but such possibility can not be ruled out.

 

[Donatello]

We imported even this?

ISI was the lead supplier.

 

[Ryuzaki]

ISI was the lead supplier.

lame,good luck next time

 

[Bornubus]

Dont know if this news has been posted earlier but just read it on PMO's fb page so sharing it here.

View attachment 199050



India to save Rs 1,200 crore by producing currency paper locally

• M Rajendran, Hindustan Times, New Delhi

India will save about Rs 1,200 crore in foreign exchange annually by sourcing raw materials from cotton-producing states such as Gujarat and producing the currency paper locally.

India has been importing currency paper for the past 45 years.

The initiative has been fast tracked under the guidance of Prime Minister Narendra Modi through the department of economic affairs. MS Rana, CMD of SPMCIL, confirmed that the currency paper and the raw material for producing it will be procured domestically.

“It is a step towards Make in India. It has taken 45 years for us to do this. But this will protect us from any kind of crisis and give us control over all monetary aspects,” said Rana.

The Security Printing and Minting Corporation of India Limited (SPMCIL) spends around Rs 1,200 crore in foreign exchange annually in procuring this paper. From 2015, it will produce the currency paper locally. The printing is done by Reserve Bank of India (RBI).

India imports 15,000 metric tonnes (MT) of currency paper every year at an average cost of Rs 8 lakh per metric tonne. About 95% of this paper is imported from the NATO countries.

The machines for producing the paper are being procured from Germany and the first phase of production will begin from March 2015 at the Hoshangabad printing press.

SPMCIL is setting up one line of bank note paper machine with a capacity of 6,000 MT per annum at a cost of Rs 495 crore.

It has commissioned a 25 MT per day cotton-combing plant to process cotton for making currency paper.

Another mill is being set up in Mysore through a joint venture between SPMCIL & Bharatiya Reserve Bank Note Mudran Private Ltd (BRBNMPL). The JV will set up two lines of bank note paper machine with capacity of 12,000 MT per annum at a capital cost Rs 1,490 crore.

“Construction of industrial building is in progress and project is likely to be commissioned by June, 2015 in two phases,” said Rana.

India ....is leading producer of cotton and if this plan succeeded...we could actually end up starting export of this raw material.

 

[Bang Galore]

why have leaders on notes and why not Indian monuments???

Same reason. Which monument.........

 

[Levina]

Same reason. Which monument.........

None actually, Taj Mahal was built by a muslim, meenakshi temple by a hindu and so on.

 

[Echo_419]

What a shame,,we were unable to even produce good quality currency paper before..................nothing surprising



U would be surprised what 99% of actual india is

News padke Itna mood Karabh hua na Kasam see tero ko hi Tag karne wale tha baas
The good thing now is that we will make the paper here,also kudos to the PM for fast tracking this

 

[Sneaker]

Will this paper be easier to print fake notes? If so, some of our 'friends' would be jumping for joy!

Will be tougher. We used to buy it from british company. Later it was found that our neighbors were also purchasing from same vendor, same type of papers, exporting them after processing (!!).