“In the currency note press in Mysore, we are going to set up a paper mill. That paper mill will be a joint venture between Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), and the Security Printing & Minting Corporation of India Limited (SPMCIL), which is a subsidiary of the Government,” Subbarao told reporters here.
Finance Minister Pranab Mukherjee would lay the foundation stone of the new plant on March 22, Subbarao added.
The sharp increase in the number of cases of fake notes detected or seized in recent times has underscored the need for increased vigil by all stakeholders to address the menace of fake notes.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks