Mysore to manufacture plastic/polymer currency notes
Posted on: 03/Oct/2014 11:21:16 AM
As of now paper for our currency notes has been imported from Japan and Australia. Not anymore, in a move that will reduce import bills and generate jobs, besides boosting security of our currency, Reserve Bank of India committee is looking at the modalities of the factory in Mysore to manufacture paper specifically for currency notes.
At a meeting earlier this week, it worked out details of the facility which may become operational next year.
The committee, comprising officials from the RBI, ministry of finance and paper mills, among others, also had on its board former Isro chairman UR Rao who confirmed this plan.
The proposed facility will be an equal joint venture between the Security Printing and Minting Corporation of India Limited (SPMCIL) and an RBI subsidiary, Bharatiya Reserve Bank Note Mudran Private Ltd. Earlier, SPMCIL had said the facility, the foundation stone for which was laid in 2010, may be operational around December 2014.
In the near future, Mysore will be one of the first cities in the country to have plastic/polymer currency notes of Rs 10 denomination in an initiative aimed at checking counterfeit. Kochi, Jaipur, Bhubaneshwar and Shimla are the other cities part of this pilot project. Australia and New Zealand, among others, have opted for this to counter fake notes.
