Prime Minister Narendra Modi wants to implement Make in India policy at every level. He thinks the India currency should be prepared by the Reserve Bank of India using Indian paper. The ink used to notes should be manufactured in India. He had chalked out a date for reaching this goal.
Reserve Bank of India is 80 years old. PM Modi thinks that we must have a deadline for the launch of notes using Indian paper. We have to use Indian paper and ink for our currency. We should not depend on foreign countries.
PM Modi urges Reserve Bank to print currency notes with India-made paper and ink: Press Trust of India
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We are using the photograph of Mahatma Gandhi. So we have to use paper and ink of India. Gandhi always supported swadeshi or Indian products. We have to print our currency on Indian paper and stop printing on imported paper. It will help our printing industry to expand. Currencies are in demand and we have to produce them in India.
Sri Modi wants to introduce paper currency to be made in India. His ‘Make In India’ policy must start from our currency. A currency is something we use every day and every Indian should be proud. Modi has strong belief that our nation has the capacity of making currency notes. We are technologically not far behind. We have reached space and we have launched satellites. We have achieved nuclear weapons. We can also create our currency in India.
RBI Deputy Governor S S Mundra had agreed to fulfill the wish of Sri Narendra Modi. He reported that the work on printing currency paper is going on. It is now at an advanced level. He will soon announce the launch of currency notes made in India.
Mr. Mundra added that paper currency making is in its advance level. He is confident it will be launched within the next few months. RBI will produce currency notes and we will never be dependent on other countries.
India is going to import the ink and paper. We will print our currency notes at high quality mints. The experts advised to use of paper made in India. This currency made in India will help those who print false notes. It will prevent forgery of currency notes.
Following the information given by Reserve Bank of India, our country prints 2,000 crore currency notes every year. Indian government had spent 40 per cent of manufacturing cost by importing paper and ink. We import paper from Germany, Japan and the UK and print our currency notes.
Every note has a security measure, which prevents it from being forged. Still we find our rupees getting counterfeited. As per data from Reserve Bank of India, the officers have found 4.88 lakh counterfeit notes in 2013-14. The branches of commercial banks have identified 4.68 lakh pieces (95.9%). RBI had detected 4.1% notes from all over the country. In 2013-14, there was an increase by 11.8% and 9.8% detection of counterfeit notes respectively. These notes are Rs1,000 and Rs 100 notes. About 10.3% decrease of Rs. 500 notes than the last year. So we find we have to improve the checking system. We do not have data on the counterfeit notes taken away by police and other agencies for enforcement. Modi wants Indian currency in Indian paper, which will prevent forgery.
There is acute requirement of banknotes and coins in 2013-14. We find advanced technology being used using non-cash mode of payment. At the end of March 2014, the total banknotes in circulation was Rs 12,82,900 crore. There was an increase of 10.1% over end-March 2013. We find a rise in volume of banknotes under circulation by 77 billion pieces. So there is a rise of 5.2% by volume.
The central bank is trying to negotiate the danger caused by series of banknotes under circulation. With the approval of Government of India, the Reserve bank is going to take off all the banknotes printed in paper from foreign countries. The notes issued prior to 2005 will be taken off. They have few features for security leading to forgery. The banknotes printed after 2005 had more security measures.
In India, about 15 billion pieces of currency are printed every year. Among them, about 12 billion notes use paper imported from foreign countries. Sri Narendra Modi wants Indian paper. It is a part of his Make in India mission. The cotton is used in the currency notes. It is really an advantage as it cannot be duplicated easily. This currency has a touch and feel of paper.
The ink of our present paper currency is purchased from SICPA. It is a company in Switzerland. As per RBI, SICPA not only supplies ink for currency to India but also to other countries.
RBI deputy governor S.S. Mundra reported that currency paper from India is going on factory at Mysore. Our country will have notes using Indian paper. We have reached an advanced level. Within a few months, RBI will produce bank notes using Indian paper. This will be another landmark achievement of Modi government.
We have imported the paper and ink in our notes as well as printing machines. We have launched global tenders and got the paper and ink from Germany and England. We have brought the printing machines from Japan and Switzerland.
The printing of Indian currency in India has an important advantage. We will reduce our costs of importing paper, ink and printing machines . It will reduce our cost by 80%. This money will be properly utilized for the development of our country. It will help us fulfill the Make in India policy of Sri Narendra Modi.