CURRENCY PRINTING IN INDIA

The first notes were printed at Bank of England in 1861 and issued in India in March 1862. Due to growing demands, another unit was added in July 1961. There was a contract with the Bank of England, which was entered into in 1867 for supply of notes to India. It continued up to the end of June 1928 in respect of lower denomination up to Rs. 100/- and up to the end of December 1930 for higher denomination. The first notes issued by the Government of India carried improved designs with numbering at 2 or 3 or 4 places. Guilloches and the artistic designs were introduced. They were like Bearer Bonds. Since then, the issue of notes became the monopoly function of Government of India. The authority to issue these notes was entrusted to the three Presidency Banks, which were chartered by the Government of India. The standing agreement for the supply of notes with the Bank of England in 1867 continued for nearly 60 years till we established our own Currency Printing Press at Nashik Road. The Currency Note Press was commissioned on 14th April 1928. New unit was added in July 1961. Paper was imported from M/s. Portals Ltd, England till 1967-68. Security Paper Mill was commissioned at Hoshangabad in 1967.

The decision to establish another Bank Note Press at Dewas in Madhya Pradesh was taken in 1969. A contract was entered with M/s. Koenig and Bauer, West Germany for supply of equipment. The Press went into production in 1974. Notes of 10/-, 20/-, 50/- and 100/- were printed by dry offset as well as Intaglio. The Press entered into an agreement with SICPA, Switzerland for manufacture of inks. For the first time, intaglio designs were introduced in Indian Bank Notes.

To meet the demands of growing economy, Government of India initiated two more projects at Mysore and Salboni. The projects have been transferred to the Reserve Bank of India in December 1989. First phase at Mysore was commissioned on 01.06.96 and that of Salboni went into production on December 11th 1996. The second phase at Mysore with 7 production lines went into operation with effect from June 1st 1999. Second phase operation at Salboni with 8 production lines went into production on 11th February 2000. The projects are one of the biggest in the world. Mysore plant was constructed with an out lay of Rupees 880 crores. The first phase operations in Mini Press were transferred to the Main Press Complex. The Presses have the most sophisticated and state of the art machinery. M/s De La Rue Giori of Switzerland supplied the machinery for the Mysore Plant. Komori Currency Corporation supplied the machinery to the Salboni Plant. The activities are mechanical mostly. Computerisation is given priority. The work methods are completely revamped from those present in the existing organisations.