To curb fake currency, new plastic notes to be printed soon

Photo of new Indian currency notes of Rs 2,000 and Rs 500.

New Delhi: To curb fake currency notes of newly printed Indian Rs 2,000and Rs 500, the government has decided to soon issue plastic currency notes.

According to sources, Parliament was informed today in this regards that the procurement process for the required material has already been initiated.

Minister of State for Finance Arjun Ram Meghwal said in a written reply in the Lok Sabha, “It has been decided to print bank notes based on plastic/polymer substrate. The process of procurement has been initiated.”

Meghwal said that on December 11, 2015 it was informed by the Reserve Bank of India that they received some Rs 1,000 denomination without the security thread.

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The minister said, these notes were printed at the Currency Note Press at Nashik in Maharashtra on paper supplied by Security Paper Mill (SPM), Hoshangabad.

An enquiry was initiated by the Security Printing and Minting Corp of India Ltd (SPMCIL) and the units involved, SPM and Currency Note Press.

He said, “Major penalty chargesheet has been issued to personnel concerned. Disciplinary proceedings have been initiated.”

He added, “Action has been taken to strengthen quality procedure and online inspection system in manufacturing process. A new Standard Operating Procedure (SOP) has been prepared and implemented.”

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Meghwal said, special training has been given to concerned persons to avoid such mistakes in future and additional inspections have been introduced to ensure defect-free production.