New bank note printing line commissioned in Dewas

Union finance minister Pranab Mukherjee commissioning the new bank note printing line at Bank Note Press, Dewas.As a part of modernization of currency printing presses, one line of currency printing machine was recently commissioned at Bank Note Press, Dewas by Union finance minister Pranab Mukherjee. For this line, machines worth over Rs. 233 crore have been purchased. The On line printing and finishing equipments are state-of-art with higher speed and shall have capability for incorporation of sophisticated print-based security features which will help in reducing counterfeiting.

“As a result of the comprehensive reforms being undertaken in the area of currency and coinage over the last two years, we will be self reliant to a large extent. The reforms related to security features will also ensure that the incidences of fake currency are reduced considerably,” said finance minister on the occasion.

Following the recommendations of the Expenditure Reforms Commission and a study undertaken by IFCI, Security Printing and Minting Corporation of India Limited (SPMCIL) was formed as a company, corporatizing nine units including four mints, two currency printing presses, two security printing presses and one security paper mill. The main objective of corporatization was to foster efficiency through speedy decision making and improving the pace of modernization for creating the state-of-art security products within our country. Now, SPMCIL is making coins and currency not only for India but also for other countries. With an investment plan of about Rs 2,500 crore during 2009 to 2014, it is likely to give a big boost to the indigenization efforts of the security products used in the creation of currency.

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