#State bank uses which technology to print currency notes
(a)American technology
(b)Chinese technology
(c)Japanese technology
(d)Euro technology
Answers
It costs a lot of money to make money.
The special papers and inks, security features, and printing processes require specialised facilities and a hefty sum every year. So it’s no surprise that a number of countries, from Denmark to Kuwait, look to outsource the printing of their currencies.
But India, the world’s second-largest producer and consumer of currency notes (after China), isn’t one of them. The country prints all of its notes. However, until recently, it used to import many of the raw materials needed to make money. For instance, it got around 95% of the watermarked paper required for currency notes from companies such as Germany’s Giesecke & Devrient and Britain’s De La Rue, among others.
India uses around 22,000 metric tons (MT) of such paper every year and that accounts for at least 40% of the total cost of manufacturing money. For the year ended June 2016, the Reserve Bank of India (RBI) supplied 21.2 billion banknotes and printing costs came to around Rs3,421 crore ($502 million).
That high cost is likely one of the reasons prime minister Narendra Modi was keen to include India’s currency in his “Make in India” project, putting an end to outsourcing. In 2015, he urged RBI to start producing more of the required paper and ink, with the eventual goal of keeping the entire production process within the country.
This week, Indians are gradually getting their hands on the new Rs500 and Rs2,000 notes produced at RBI’s press in Mysuru, Karnataka. What’s interesting is that part of the paper used to make them was produced in India, though RBI refused to reveal exactly how much.
This paves the way for India to eventually become self-sufficient in producing all its currency notes, an important milestone that comes nearly 90 years after the country first began printing its own paper money.
India print notes in Nashik