Union Finance Minister Arun Jaitley on 30 May 2015 inaugurated the new Bank Note Paper Line unit of 6000 metric tonne capacity at Security Paper Mill in Hoshangabad, Madhya Pradesh.
With opening of this, India will become self-reliant in producing Bank Note Paper for big denominations. Earlier, India was considerably dependent on import of bank note paper for currency of big denominations.
He also flagged off the first consignment of one thousand rupees bank note paper made indigenously to Currency Note Press Nashik.
It is part of the indigenisation of the Bank Note paper under taken by Security Printing and Minting Corporation of India Limited. The project has been completed at a cost of 495 crore rupees within the time schedule.
The plant is capable of incorporating the advanced security features into the Bank Note paper. It is also capable of manufacturing all denominations of Bank Note paper including 1000 rupees.
It is expected that the plant will help in generating both direct and indirect employment and overall will boost the economy of the state.
Another such unit will be soon operationalised in Mysore.
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