It costs 96 Paise to print a Rs 10 note and 95 Paise to print a Rs 20 note.
Sher Shah Suri coined the term “Rupee” to describe Indian currency. The first watermarked currency note in India was created in 1861 during the British administration. But, due to its exorbitant cost, the practice was later discontinued. The Reserve Bank of India (RBI) recently announced the withdrawal of Rs 2000 currency notes. The central bank has also unequivocally declared that these currency notes are completely lawful. People who possess these 2000 currency notes can also exchange them from the bank till September 30 this year.
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The 2000 rupee notes that were previously available in the market are now being withdrawn because sufficient notes of lower value have entered circulation. But have you ever wondered how and where are the banknotes printed? Who decides to print them? Where do the paper and ink for printing come from? What is the composition of its paper? If yes, then read below to find out.
Where Are Currency Notes Printed And By Whom?
The Reserve Bank of India is responsible for printing currency notes. At the same time, the Government of India is also in charge of coin minting. India has four currency note printing facilities and four coin mints. Dewas in Madhya Pradesh, Nashik in Maharashtra, Mysore in Karnataka, and Salboni in West Bengal produce currency notes.
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Where are the papers of currency notes made?
Dewas in Madhya Pradesh and Nashik in Maharashtra is run by the Security Printing and Minting Corporation of India, which is part of the Union Ministry of Finance. Bharatiya Reserve Bank Note Mudran Private Limited, a subsidiary of the Reserve Bank of India, operates the presses in Salboni and Mysore. Coin minting takes place in major Indian cities like Mumbai, Kolkata, Hyderabad, and Noida.
Where does the ink for printing notes come from?
The Banknote Press of Dewas in Madhya Pradesh manufactures offset ink for manufacturing currency notes. At the same time, the embossed printing ink on the currency note is manufactured in Sikkim by SICPA, a subsidiary of the Swiss business. Varnika, a central bank subsidiary, has also established a factory in Mysore, Karnataka, to manufacture printing inks for India notes.
How is the printing of currency notes done?
Paper sheets made in the country or abroad are stuffed into a specific machine known as a Simonton. The money note is then coloured using another machine known as intabue. After that, good notes are kept away from the bad ones.
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How much is the age of currency notes?
The age of currency notes is fixed throughout its preparation process. The RBI withdraws these notes at the end of the period or if they find a flaw in the notes as a result of continuing circulation. Currency notes are placed in the issuing office after they have been removed from circulation. When a note becomes obsolete or is considered unusable, it is deposited with a bank.
How much does it cost to print bank notes?
The RBI incurs the highest cost in printing the Rs 10 currency notes. It costs 96 Paise to print a Rs 10 note and 95 Paise to print a Rs 20 note. At the same time, it costs Rs 1130 to print one thousand currency notes of Rs 50, and Rs 1770 for one thousand notes of Rs 100. Apart from this, RBI has to spend Rs 2370 for printing one thousand notes of Rs 200 and Rs 2290 for printing one thousand notes of Rs500.
