Really like to know / Do you know how many crores are spent behind Indian currency ?, where it is printed and how it reaches?
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A 2000 note is printed at Rs. 3.53
The cost of printing notes in 2020-21 was Rs 4012 crore
Find out where these notes and coins are printed?
Reserve Bank of India Governor Shaktikant Das has spoken of becoming self-sufficient in note printing. They inaugurated Varnika, a company owned by RBI, in Mysore two days ago. The company will manufacture the ink used in the printing of notes. The company will produce 1500 metric tons of ink every year. Which is expected to reduce the cost of printing notes. According to the RBI, printing of banknotes costs an estimated Rs 4,000 crore every year.
Where are the notes printed? Who prints?
Noto is printed at 4 places in India. Two companies have the job of printing the notes. One company is under Central Government and one is under RBI. These companies have 4 presses in the country where these notes are printed.
According to the RBI, the company under the Center is called Security Printing and Meeting Corporation of India Limited (SPMCIL) and the company under RBI is called Reserve Bank of India Note Printing Private Limited (BRBNMPL).
In India, there is a press for printing notes at Dewas in Madhya Pradesh, Nashik in Maharashtra, Mysore in Tamil Nadu and Sabaloni in West Bengal. Noto is printed in these four places and from here it goes all over the country.
Like notes, coins are made in only 4 places. The coinage work is with SPMCIL. These coins are minted in Mumbai, Hyderabad, Kolkata and Noida.
At present Rs. 10, 20, 50, 100, 200, 500 and 2000 notes are printed in the country. SPMCIL costs more to print a note than BRBNMPL.
In July 2019, the government informed the Rajya Sabha about the cost of printing notes. The government then said that BRBNMPL had to spend Rs 0.75 to print a Rs 10 note in 2018-19. The highest cost was to print 2000 notes. A 2000 note was printed at Rs.
Find out how much does it cost to print a note?
Find out why it costs so much.
The printing cost of notes increases as the paper and ink used in printing the notes are procured from outside. The paper used in the note is cotton. It is purchased from many countries. The ink used, on the other hand, is purchased from the Swiss company SCIPA.
In an RTI reply, it was learned that in 2017-18, the government had spent Rs. 493 crore paper and Rs. 143 crore ink was bought from outside. That means Rs 636 crore of paper and ink came from outside to print notes that year. Earlier in 2016-17, paper worth Rs 366 crore and ink worth Rs 218 crore were procured.
The paper and ink used in the notes used in India are very special. These papers are of high security which is almost impossible to duplicate. Intaglio, fluorescence and optical variable ink are similarly used in notes. The composition of this ink is changed every time so that no country can copy it.
From printing to how does money finally reach you?
There is a whole process of getting into the hands of a common man after printing a note. According to information available on the RBI's website, there are 19 offices across the country where notes are sent after printing.
The offices are located in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.
After printing the notes, the notes are sent directly from the press to these 19 offices. From here the notes go to the store. This store is called Currency Chest. These currencies belong to the chest banks. From here the notes come into the bank and then into your hands.
