Finance Minister Arun Jaitley inaugurates New Bank Note Paper Line unit in Hoshangabad, Madhya Pradesh

Union Finance Minister Arun Jaitley inaugurated the New Bank Note Paper Line unit of 6000 metric ton capacity at Security Paper Mill in Hoshangabad in Madhya Pradesh.

He also flagged off the first consignment of one thousand rupee bank notes made indigenously from this paper mill to the Currency Note Press Nasik.

Key Facts about New Bank Note Paper Line unit

  • State-of-the- art continuous pulp manufacturing plant integrated with paper machine.
  • The bank note paper manufactured here is incorporated with advanced security features.
  • Capable of manufacturing all denominations of bank note paper, including in the higher denomination of 1000 rupees with 3-dimentional toned water mark.
  • Plant project has been completed at a cost of 495 crore rupees.
  • Incorporated with latest technology that uses less power and minimum water consumption.
  • The plant is environment friendly with zero liquid discharge.
  • It will generate both direct and indirect employment.

This plant belongs to Security Printing and Minting Corporation of India Limited (SPMCIL), a Miniratna Category-I CPSE, which is a wholly owned by  Union Government.

By commissioning this plant, India will become self-reliant in producing Bank Note Paper for higher denominations. Prior to this, India was considerably dependent on import of bank note paper for currency of big denominations.

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Categories: Business & Economy Current Affairs 2017India Current Affairs 2017

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