It costs 96 paisa to print a 10 rupee note and 95 paisa to print a 20 rupee note.
It costs 96 paisa to print a 10 rupee note and 95 paisa to print a 20 rupee note.
Sher Shah Suri coined the term “rupee” to describe Indian currency. The first watermarked currency note in India was produced in 1861 during the British administration. But, due to its exorbitant cost, this practice was later discontinued. The Reserve Bank of India (RBI) recently announced the withdrawal of Rs 2000 notes The central bank has also unequivocally declared that these currency notes are fully legal Those who have these Rs 2000 notes can exchange them from the bank till September 30 this year
The Rs 2000 notes previously available in the market are now being withdrawn as sufficient notes of lower denominations have entered circulation. But have you ever wondered how and where notes are printed? Who decides to print them? Where does the paper and ink for printing come from? What is the composition of the paper? If yes, then read below to know.
Where and by whom are currency notes printed?
The Reserve Bank of India is responsible for printing currency notes. At the same time, the Government of India is also in charge of coinage. India has four currency note printing facilities and four coin mints. Dewas in Madhya Pradesh, Nasik in Maharashtra, Mysore in Karnataka and Salboni in West Bengal produced currency notes.
Where are currency notes papers made?
Dewas in Madhya Pradesh and Nashik in Maharashtra are managed by the Security Printing and Minting Corporation of India, part of the Union Ministry of Finance. Reserve Bank of India Note Mudran Private Limited, a subsidiary of Reserve Bank of India, operates presses at Salbani and Mysore. Coins are minted in major Indian cities like Mumbai, Kolkata, Hyderabad and Noida.
Where does the note printing ink come from?
The Banknote Press at Dewas in Madhya Pradesh produces offset inks for making currency notes. At the same time, embossed printing ink on currency notes was produced by SICPA, a subsidiary of the Swiss business in Sikkim. Varnika, a central bank subsidiary, has also set up a factory in Mysore, Karnataka to manufacture printing ink for India’s notes.
How are currency notes printed?
Sheets of paper made at home or abroad are stuffed into a specific machine known as Simonton. The currency note is then colored using another machine known as Intabue. After that, the good notes are kept away from the bad ones.
How old are currency notes?
The age of a currency note is specified throughout its preparation process. RBI withdraws these notes at the end of the period or if they find any defects in the notes resulting from continuous circulation. Currency notes are placed at the issuing office after being withdrawn from circulation. When a note becomes obsolete or is considered unusable, it is deposited in a bank.
How much does it cost to print bank notes?
RBI spends the most on printing Rs 10 notes. It costs 96 paisa to print a 10 rupee note and 95 paisa to print a 20 rupee note. At the same time, it costs Rs 1130 to print one thousand notes of Rs 50, and Rs 1770 to print one thousand notes of Rs 100. Besides this RBI has to spend Rs 2370 to print 1000 notes of Rs 200 and Rs 100. 2290 for printing one thousand notes of Rs.500.
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