Indian Government Considering New Banknote Paper Manufacturing Unit in Nashik

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Government positive about new bank note paper production unit

Tushar Pawar | TNN | Updated: Jan 3, 2017, 09.33 AM IST

NASHIK: The union minister of state for finance Arjun Ram Meghwal on Monday said the government is positive about setting up the new bank note paper manufacturing unit in Nashik. Moreover, setting up of two new lines and modernisation of existing lines at the Currency Note Press (CNP) of Nashik is also under process.

The minister was here in Nashik on Monday to review printing of currency notes. He also visited some sites to review feasibility of setting up the new bank note paper manufacturing unit. Thereafter, he addressed the CNP Nashik workers.

"The government had appointed a technical committee to check feasibility of the bank note paper manufacturing unit in Nashik.

The committee has submitted its report to the finance ministry and the report is positive. But there is a process of government through which it takes decision. Hence, everything is positive and government is also positive for the setting up of new manufacturing unit here," said Meghwal.

"Setting up of two lines for printing of currency notes and modernisation of existing lines at the CNP Nashik are in the process. Government is also positive for that and it is expected shortly," he added.

MP Hemant Godse said, "The CNP and India Security Press (ISP) have a total area of 350 acre of which 250 acre is lying unused. The new bank note paper manufacturing unit requires 50 acre land. The land, abundant water and electricity are available here. Moreover, the CNP Nashik — which print currency notes and which will use the bank note papers — is also available here. Hence, there will no transportation cost and cost of production will be lower."

As per RBI projection, the requirement of bank note papers for the country by the year 2024-25 is estimated at 48,000 metric tonne. Presently, new bank note paper manufacturing line with capacity of 6,000 metric tonne per year has been made operational at Hoshangabad, while another two new lines to manufacture bank note paper with capacity of 12,000 metric have been commissioned at Mysore under the company name Bank Note Paper Mill Pvt Ltd — a joint venture between BRBNMPL and SPMCIL.

According to sources, an investment in new bank note paper plant, if set up in Nashik, is estimated at Rs 700 crore.

The CNP and ISP are the units of the Security Printing & Minting Corporation of India Ltd (SMPCL). The revenue stamps, stamp papers, passport, VISA are printed at ISP, while currency notes are printed at the CNP Nashik.

Source: Times of India