India’s mega currency paper mill begins operation

India’s mega state-of-the-art currency paper mill at Metagalli in the city has started production and on Tuesday, the security of the unit was handed over to the Central Industrial Security Force (CISF). Henceforth, the unit will be a high-security area with restricted access.

The ultra-modern facility will, however, be dedicated to the nation by Prime Minister Narendra Modi who is expected to inaugurate the unit in the first or second week of April. An appointment of the Prime Minister is being sought through his office, sources said. The official date will be communicated later, they added.

The mega unit, the foundation stone for which was laid by the then finance minister and now President Pranab Mukherjee in 2010, is spread along the area of 35 acres close to the Bharatiya Reserve Bank Note Mudran Limited (BRBNML) in Metagalli.

The unit was to be inaugurated by the Prime Minister Narendra Modi who was in the city on January 2 to inaugurate the 103rd India Science Congress at the University of Mysore but was postponed owing to the change in his schedule. The printing unit is expected to save Rs 1,280 crore of imports annually and aligns with Modi’s Make In India concept.

The new paper mill has a production capacity of 12,000 metric tonnes and is expected to cut India’s import demand by more than a half. The Rs 1,500 crore project is a joint venture between the note printing unit of the RBI and the central government and there are over 900 employees. The entire production of currency notes will be undertaken by the unit starting from the initial special paper cutting and colouring.

On Tuesday, Managing Director of BRBNML Jaganmohan Rao handed over the keys of the unit to CISF South Zone DIG N Venugopal. The security of the unit will be managed by 110 CISF personnel including a team of officers.

Handing over the keys, Jaganmohan Rao said that CISF was known for its commitment in protecting India’s key and high-risk areas. “CISF has contributed immensely towards nation building since decades and it is a force to reckon with,” he said.

Accepting the honour, N Venugopal said that they will live up to their reputation and would not allow any security breach. BRBNML Director Rane and Unit Manager Vishwanath and other officials were present.

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