Current Affairs PDF

Finance Minister inaugurated New Bank Note Paper Line unit in Hoshangabad, MP

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

New Bank Note Paper line unit of 6000 metric tonne capacity  at Security Paper Mill in Hoshangabad in Madhya Pradesh, was inaugurated by the Union Finance Minister Mr Arun Jaitley. Finance Minister  also flagged off the first delivery of one thousand rupee notes made from this paper mill to Currency Notes Press Nasik.

New bank note paper unit is state-of-art continuous pulp producing plant integrated with paper machine.The bank note paper produced here is incorporated with advanced security features. An amount of 495 crores is used in the completion of  the plant project in MP.

  • The unit is capable of manufacturing notes of all denominations including the higher denomination of 1000 rupees with 3-dimensional toned water mark.
  • The unit operates with less power and minimum water as  latest technology is incorporated in the unit.
  • environment friendly with nil liquid discharge is another important feature of this latest unit.
  • The unit is capable of providing direct and indirect employments to large number of people.
  • Te plant belongs to Security printing and Minting Corporation of India Limited SPMCIL, a miniratna category-I CPSE, owned fully by Union Government.
  • India will now become self -reliant in producing Bank Note Paper for higher denominations. Previously importing of bank note paper for higher denominations  were done by India.
  • SPMCIL has also set up another joint venture company called Bank Note Paper Mill India Pvt Ltd BNPMIPL at Mysuru with 12,000 tonne capacity.
  • The unit is expected to go on stream by the end of this year.
  • The combined production of new paper lines from Hoshangabad and Mysuru would be around 18000 tonne meeting the major requirement of bank note paper.
  • The combined savings of foreign exchange from these two bank note units will be about Rs 1500 crores in the future as per the statement.

Security Printing and Minting Corporation  of India SPMCI

  • SPMCIL is Indian government owned corporation, that is involved in the production of bank notes coins, postage stamps etc.
  • It was formed in 2006.
  • It contains 9 units including 4 presses, 4 mints and one paper mill.
  • The 4 presses are Current  Note Press CNP, Bank Note Press BNP,Indian Security Press and Security Printing press.
  • Along with RBIs Bharatiya Reserve Bank Note Mudran Private Ltd , both CNP located in Nashik and BNP in Dewas MP print currencies.
  • SPMCI has four mints located in Mumbai, Kolkata,Hyderabad and Noida , that produces coins, medals as per Indian Government requirements .