FM underlines need for Indigenisation of paper, ink and security features of Indian currency

He mentioned that indigenization of the currency has been emphasized by the Prime Minister Narendra Modi on a number of occasions.

He mentioned that a beginning in this direction has been made by starting commercial production of higher denomination of bank note paper at SPM, Hoshangabad, which he had inaugurated only last week.

Jaitley was speaking at the Conference on ‘Make in India – Indigenisation of Currency’ held in Vigyan Bhawan here.

The Conference was organised by the Department of Economic Affairs, Ministry of Finance, Government of India supported by Security Printing and Minting Corporation of India Limited (SPMCIL), Reserve Bank of India (RBI), Bhartiya Reserve Bank Note Mudran Private Limited and Bank Note Paper Mill India Pvt. Ltd.

Jaitley was the Chief Guest on the occasion.

Speaking further on the occasion, the Finance Minister Jaitley mentioned that another banknote paper mill at Mysore is likely to come in for commercial production by end of this year. 

The combined production from these two projects, will meet the sizeable requirements of bank note paper in the country.

Jaitley further stated that the country has the advantage of cost effective and skilled manpower, R & D capacity and adequate power. 

He also mentioned that as a part of the Make in India policy of Government, industrial corridors are being created across the country to create employment opportunities for the youth.

He exhorted the domestic and International manufactures to utilize these facilities and the favourable policies of the Government of India to manufacture currency and other security products in India.

The programme was followed by the presentations from Reserve Bank of India (RBI), SPMCIL and BRBNMPL on scope and potential of indigenisation for raw materials for bank notes and security products.