By TIOL News Service

NEW DELHI, FEB 15, 2014: THE RBI recently announced to withdraw all bank notes issued and printed prior to 2005. Although this has caused palpitation to many black money hoarders in the economy and many experts also believed that this was perhaps a move to dent the parallel economy but the reason apparent was to blunt the impact of Fake Indian Currency Notes (FICN) pumped by our 'friendly' neighbour through our large porous land borders.

What may have probably provided cushion to the RBI and the Government of India for taking such a decision is the enhanced production of bank notes, coins and security paper by the SPMCIL. As per the latest data released by the Ministry of Finance, SPMCIL has increased its production by 9%-11% and Security Inks by 20% in the first ten (10) months up to January 2014 in the current fiscal 2014-15 vis-à-vis the same period last year of 2013.

In case of Bank Notes, the two Currency Note Presses of SPMCIL have produced 6550 Mpcs of Bank Notes during the year up to January 2014 as against the production of 5966 Mpcs up to the same period last year thus increasing production by 9.78%. SPMCIL has targeted to produce 8000 Mpcs this year against the production of 7421 Mpcs achieved last year.

In case of coins, the four Mints of SPMCIL have produced 6143 Mpcs of Coins for the 10 months up to January 2014 against the production of 5531 Mpcs of Coins during the same period last year thus increasing production by 11.06%. SPMCIL has targeted to produce 7600 Mpcs of Coins this year against the production of 6708 Mpcs achieved last year.

In case of Security Paper, SPMCIL has produced 2675 MT of Bank Note Paper till January 2014 against the production of 2453 MT in the corresponding period last year thus increasing production by 9.05%. SPMCIL has targeted to produce of 3300 MT of Security Paper against the production of 2925 MT during the last year. This is despite the fact that the paper machinery of SPM, Hoshangabad is more than 40 years.

The Ink Factory at Dewas has produced the highest ever total production of 496 MT of Security Inks till January 2014 as against the total production of 484 MT and 273 MT achieved during the year 2012-13 and 2011-12 respectively. SPMCIL has targeted to produce 600 MT of Security Inks by the year end. SPMCIL has become self-sufficient in the production of Security Printing Inks to minimise the menace of counterfeit Bank Notes as per the recommendations of the Standing Committee of Finance.

SPMCIL executives and employees are motivated to meet the objectives of Corporatisation by increasing the production and productivity from the existing machinery thus leading to enhanced economy and efficiency in the operations of SPMCIL.