In a bid to check the menace of counterfeit notes, the government will introduce new security features in bank notes of all denominations. Finance minister Pranab Mukherjee said this while releasing the new procurement manual of Security Printing and Minting Corporation of India (SPMCIL).

In addition, Mukherjee said SPMCIL would be producing more indigenous raw material for the production of bank notes. 80-85 per cent of the bank note paper would be produced in the country in the next three years as against import of about 95 per cent paper at present. Mukherjee said that the present bank notes with the new Rupee symbol approved by the Unicode Standard Authority for ISO 4217 would be in circulation shortly. He also informed that the new coins with Rupee symbol and better designs and shine will be released in July.

Mukherjee said that keeping in mind the rigors of public procurement, SPMCIL has come up with revamped and a comprehensive procurement manual that not only covers the issues of transparency, economy and propriety but also dealt with relevant concerns of indigenization, vendor development, disposal of security items. The manual has provisions for tackling cartels, bid rigging as per the guidelines of Competition Commission of India.

He said that SPMCIL has an investment plan of about Rs 2500 crore for modernization of units and setting of up of new joint venture paper mill.

falaknaazsyed

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