(a) whether the Government proposes to set up a modern facility
for producing paper for currency notes in the country;
(b) if so, the details thereof;
(c) the extent to which these modern facility will be capable of
checking the circulation of fake notes in the country; and
(d) the details of the expenditure likely to be incurred on such
modern facility for producing paper for currency notes?
Minister of State in the Ministry of Finance (SHRI NAMO NARAIN MEENA)
(a) and (b) Yes Sir, To meet the demand of currency paper indigenously, the
Government of India has conveyed its decision to Reserve Bank.of India (RBI) for
setting up a state of the art Security paper manufacturing unit at Mysore, on
50:50 joint venture (JV) basis between Bharatiya Reserve Bank Note Mudran (P) Limited, (BRBNMPL), a wholly owned subsidiary of RBI and Security Printing
and Minting Corporation of India Limited, (SPMCIL), wholly owned Government of
India undertaking.
A Joint Management Committee has been constituted for finalizing the
roadmap for setting up a Paper Mill Project, formation and registration of new
Company, preparation of detailed project report etc.
(c) Indigenization of paper for manufacturing currency notes will ensure that the
paper embedded security features are incorporated domestically and the knowledge
base in this regard remains with the country.
(d) The expenditure likely to be incurred by the JV for manufacturing currency
paper will be around Rs.1200 crores.