RBI Currency paper unit in city

Mysore, Mar. 20 (KCU&RK)- Union Finance Minister Pranab Mukherjee will lay the foundation stone for the currency paper production unit to come up at the premises of Reserve Bank Note Printing Press in Metagalli here on Mar. 22.

The Union Minister, accompanied by Reserve Bank of India (RBI) Governor D. Subba Rao, will land at the helipad in Note Press premises at 12.15 pm.

After performing Bhoomi Puja, the dignitaries will participate in a public function before leaving for Bangalore by helicopter at 2.45 pm, according to sources.

Under the guidance of Police Commissioner Sunil Agarwal and DCP B.R. Ravikanthegowda, Police security has been beefed up in city. None other than invited dignitaries, journalists and press photographers in possession of security passes and Reserve Bank officers and staff would be allowed to participate in the function.

The currency paper manufacturing unit will come up at an estimated cost of Rs. 1,500 crore.

It would create employment potential directly for about 500 people and indirectly for another 2000. The State Government is learnt to have assured to provide the needed power and infrastructure for the unit.

The RBI Note Printing Press has already been functioning in Mysore for the last 14 years and is acclaimed as one of the best currency printing units in the entire world.

For the first time, Rs. 1,000 denomination currency notes were printed in Mysore. The paper needed for that is being imported from foreign countries like England, Sweden, Germany, Italy, France and Netherlands. The import can now be stopped once the currency paper manufacturing unit comes up in city. RBI intends to complete the construction of the unit within three years. The special security currency paper would be produced using cellulose and water as basic raw materials.

To reduce the water consumption for the process, a rainwater harvesting plant has been established in the premises. Good water supply is already being maintained to the Press from Belagola Pump House.

With the currency paper unit and printing press going to work in tandem, self-sufficiency would be evolved in the fields of technology development and research likely to reduce the cost of production by about 30 per cent, according to sources.

The long term vision of Prime Minister Dr. Manmohan Singh and former Finance Minister P. Chidambaram has at last materialised with such a mega unit going to come up in city, say sources.

Courtesy : Star Of Mysore

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