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India’s new currency is not 100% ‘made in India’

Wednesday, 14 December 2016

india-rupee-2

The ‘Make In India’ drive has been considerably promising and futuristic in the past couple of months. Modi too had been a notable zealot about inducing this process in almost every system. 

 

On the website, the campaign defines itself as a “Major national initiative, designed to facilitate investment, foster innovation, enhance skill development and build better best-in-class manufacturing infrastructure.”

However, the drive is not all that successful when it comes to the management of latest currency hoopla. 

 

Around 16 million tons of paper is being imported from the UK.

Thus, the note that we have now is not completely made in India. Due to the high demand of currency in the market and poor capacity of its production material, the RBI is working on a 50:50 ratio of sourcing paper from UK and Hoshangabad(MP). 

 

The intaglio ink, which is used to print the notes is supplied from Madhya Pradesh, Sikkim and Rajasthan, however, it’s now being produced abroad, and then being sourced through local centres.

On condition of anonymity, a senior official revealed that it usually takes 8 days to print a batch of notes, and which is why they can’t be wasting time in sourcing the stuff. 

With a massive task to replace 15 lakh crore worth of old currency notes in 500 and 1000 denomination, the central bank is working constantly.

Right now we’re operating with 4 currency printing press running full streams; Dewas, Nashik, Mysuru, and Salboni.

“Even if all the printing lines work in an ideal scenario with no misprinting or damaged notes in 3 shifts, it will take at least 5 months for cash supply to normalise. Till then, we will continue to see the shortage”, said Vipin Malik former Director, Central Board, Reserve Bank of India.

Source by: Internet

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