Indian currency will be best 'security-wise': Pranab

Finance Minister Pranab Mukherjee is creating a history of sorts by becoming the first Central minister to visit Bharatiya Reserve Bank Note Mudran Private Limited here from its date of inception. Mukherjee said when the proposed bank note paper mill becomes operational, India will become self-reliant and indigenously produce the best curency notes in the world by meeting all international securitycriterions.

“Considering the importance of ensuring self-sufficiency in production of all security products, I have constituted a high-level Review Committee, which will budget a roadmap for progressive indigenization

of various inputs including machinery and technologies. I am keenly awaiting the recommendation of this Committee after which I plan to develop a route map for indigenization in consultation with the RBI. This

will enable us to meet security requirements and integrity of the country and effectively solve the menace of counterfeiting”, Mukherjee said while laying the foundation stone for the currency printing  mill, being set up at an estimated cost of Rs 1,500 crore at Bharatiya Reserve Bank Note Mudran Private Limited here.

The Finance Minister said the first production with a manufacturing capacity of 6,000 metric tonnes of bank paper notes per annum will be ready by the end of 2012 and will be gradually upgraded up to 12,000 metric tonnes production capacity.

The minister also congratulated the officials in the Ministry of Finance and the RBI for having conceptualized the architecture of the project who have put the implementation on a fast track in a relatively short period of

time. Indigenization of bank currency papers manufacturing will provide the benefits of backward integration in the form of assured, smooth and timely supplies, cost savings, employment generation and effective

deterrent to counterfeiting. ''Hence, this project is of great strategic consequence and we must remain resolutely committed to its success”, Mukherjee remarked.

He said the total need of bank notes in 2008-9 was around 18,000 tons for printing 15 billion pieces of currency and India was dependent on foreign imports to a tune of

95 per cent. In the current year, it is likely to go up to about 17 billion notes, which equally increases the risk of counterfeits. Hence, this project is extremely important on all grounds, he suggested.