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RBI eyes plastic banknotes
RBI eyes plastic banknotes: Inside India’s currency printing network, do you know where Indian currency notes are printed? Explained
As the shift to polymer currency is still under works, here’s looking at the four high-security facilities that currently print India’s banknote.
New Delhi: The Reserve Bank of India (RBI) is considering a proposal to introduce polymer or plastic currency notes, though no final decision has been taken yet, Governor Sanjay Malhotra has confirmed. The RBI Governor has said that the proposal remains under consideration and is still at a preliminary stage. He added that soon as any decision is taken on it, RBI will make it official.
“We are examining the pros and cons of it and whether it would be worthwhile to implement. It is still at a preliminary stage,” he said. The RBI Governor said that the central bank is currently evaluating both the potential advantages and challenges associated with polymer currency before making a final decision.
Meanwhile, as the shift to polymer currency is still under works, here’s looking at the four high-security facilities that currently print India’s banknote.
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The Department of Currency Management (DCM), a core operational branch of the RBI, handles India’s entire physical cash life cycle. It is responsible for printing fresh money and also for destroying damaged notes.
DCM is responsible for core policy and operational issues relating to designing of banknotes; forecasting demand for notes and coins; ensuring smooth distribution of banknotes and coins throughout the country and retrieval of unfit notes and uncurrent coins from circulation; ensuring the integrity of bank notes; administering the RBI (Note Refund) Rules; reviewing/rationalising the work systems/procedures at the issue offices on an ongoing basis; and dissemination of information on currency related matters to the general public.
Currency management essentially relates to issue of notes and coins and retrieval of unfit notes from circulation. This work is performed through 18 issue offices of the Reserve Bank and a wide network of 4195 currency chests, 488 repositories and 3562 small coin depots managed by banks and Government treasuries.
The Department receives notes from four currency note printing presses. Two of the currency note printing presses are owned by the Government of India and two are owned by the Reserve Bank, through its wholly owned subsidiary, the Bharatiya Reserve Bank Note Mudran Ltd. (BRBNML).
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The government owned presses are at Nasik (Western India) and Dewas (Central India). The other two presses are at Mysore (Southern India) and Salboni (Eastern India). Coins are minted in four mints owned by the Government of India. The mints are located at Mumbai, Hyderabad, Calcutta and Noida.
Source : zeenews.com
Source: OfficeNewz
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