Nine firms shortlisted for currency paper import

Landquart from Switzerland, Komsco from South Korea; PWPW from Poland; Arjowiggins from France; Crane from Sweden; Goznak from Russia; PT Pura from Indonesia; Fabriano from Italy and Louisenthal from Germany are on the radar for import of currency paper.

12 Dec 2016 | By Sriraam Selvam

Officials of the Finance Ministry and Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) said that the order may be shared by nine foreign firms who have obtained security clearance from the Home Ministry.

The government is seeking to 20,000 tonnes of currency paper from nine foreign firms, and meeting the demand for printing of new notes following demonetisation of Rs 500 and Rs 1,000 notes on 8 November.

Meanwhile Sicpa, the Swiss inkmaker that supplies specialised currency paper inks to India, has also received a government clearance. As per a report in the English daily,

The Indian Express on 1 December, the optically variable ink made by the company was imported following the demonetisation announcement.

Reserve Bank of India

The Reserve Bank of India has introduced Rs 5 lakh crore in new currency notes. This is less than a third of the total value of Rs 500 and Rs 1,000 notes — Rs 15.5 lakh crore — which has been withdrawn from circulation on 8 November.

The monies that available on 30 December would be 51-57 per cent of the total value of currency in circulation — Rs 17.5 lakh crore. Finance Ministry and Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) officials have stated that average deposits per day is Rs 12,000 crore. It was Rs 45,000 crore per day previously. On the other hand, withdrawal of currency per day is Rs 16,000 crore.