Govt plans to introduce security features in notes

NEW DELHI: The government today said it is working towards introducing security features in currency notes across all denominations to check the menace of counterfeiting.

"Counterfeiting of our currency is a matter of great concern for the government... to check this menace of fake currency, an exercise for introduction of security features in all denominations of Indian Bank Notes is under way," Finance Minister Pranab Mukherjee said.

The initiative, he added, is being piloted by the Directorate of Currency.

The Finance Minister said that to tackle the problem of counterfeiting, Security Printing and Minting Corporation of India Limited (SPMCIL) has already taken steps to produce indigenous raw material for the production of bank notes.

"This will lead to production of about 80-85 per cent of the bank note paper in the country in the next three years as against import of about 95 per cent paper at present," he said.

He added that fully computerised ERP/SAP system is being installed by the SPMCIL to bring in economy, efficiency and transparency.

Mukherjee was speaking at a function after releasing the new procurement manual of Security Printing and Minting Corporation of India Limited (SPMCIL).

He said that it was one of the recommendations of the Banerjee Committee that looked at the issues of improving the functioning of the corporation and BRBNMPL (a subsidiary of RBI), which submitted its report in March 2010.