Fake currency notes down, India self-sufficient in security docs: SPMCIL

The incidence of fake currency notes has fallen sharply since demonetisation, and India has become self-sufficient in producing security documents, no longer importing them, said SPMCIL Chairman and Managing Director Vijay Ranjan Singh.

The incidence of fake currency notes has reduced sharply after demonetisation, while India has achieved self-sufficiency in the production of security documents, with no such documents being imported from abroad, Security Printing and Minting Corporation of India Limited (SPMCIL) Chairman and Managing Director Vijay Ranjan Singh said on Thursday.

"We are now fully sufficient. We are not importing any security document for that matter from outside. We are doing all in India," Singh said.

Fewer Fake Notes Post-Demonetisation

Speaking on the sidelines of SPMCIL's 21st prize distribution ceremony, where employees from its nine units were recognised for excellence in productivity, sustainability and cost-cutting, Singh said the corporation is responsible for identifying counterfeit currency and certifying whether a note is fake.

"Fake note issue, we are the unit. We identify and we give the certification whether it is a fake note or not," he said.

Singh said SPMCIL has been encountering fewer fake notes in the period after demonetisation. "But it is very difficult nowadays after demonetisation; we are encountering fewer fake note as before. We have encountered fewer, I can say," he said.

While Singh said he did not have exact figures on the decline, he cited information from SPMCIL's Nashik centre indicating a substantial reduction in counterfeit currency. "As per our Nashik Centre, I was told that it has reduced very drastically," he said.

Boosting Domestic Production and Capabilities

Singh said SPMCIL currently has nine production units and is planning to establish another banknote paper production unit in Narmadapur.

Highlighting the corporation's printing capabilities, Singh said SPMCIL has renovated its banknote printing facilities and now has among the best note-printing facilities in the country. "We have renovated all our printing capacity, note printing capacity. We have the best of the best note printing places in our country," he said.

He also underlined the corporation's focus on greater domestic production of banknote paper under the Make in India initiative. "We are fully dependent on banknote paper. And we watch for Make in India in the future," Singh said.

Government Support and Corporate Success

Singh said the government was backing SPMCIL in policy decisions and credited the support for the corporation's financial performance. "The government is supporting us at every step in the policy decision and they are supporting us. And with the support of government we are earning a good profit," he said.

"We are one of the few successful examples of corporatisation," Singh added.

Praise for SPMCIL's Role in National Development

In a video message, Minister of State for Finance Pankaj Chaudhary highlighted SPMCIL's role in India's financial and national development. He said the corporation supports the circulation of banknotes and production of coins, souvenir coins, security documents, e-passports and stamp papers.

Chaudhary described SPMCIL as an important pillar of the country's financial and administrative structure and expressed confidence that the corporation would usher in a new era of innovation and excellence.

Anu P Mathai, Additional Secretary, Department of Economic Affairs, Ministry of Finance, also highlighted SPMCIL's contribution to strengthening the country's economic system at its 21st Annual Award Ceremony.

Mathai said the ceremony honours workers and officials who have demonstrated hard work, honesty and innovation. She highlighted SPMCIL's nine production units, comprising four mints, two currency presses, two security presses and one paper mill, which produce coins, banknotes, passports, securities and security documents. (ANI)

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