RBI team visits Balasore villages to set up banknote printing plant

A representative team from the Reserve Bank of India visited Balasore district to check the infrastructure needed to set up a banknote printing plant.

According to sources, the team visited Kasaba Padabada, Naraharipur and Baunsamunha villages under Remuna headquarters and tehsils to take stock of the situation. RBI requires 100 acres of land for the project in two locations.

“If Odisha Industrial Infrastructure Development Corporation (IDCO) provides 100 acres of land, the decision to install a money press at two locations will be changed. If government land is not available for the project, we will opt for private land acquisition and proceed with the project. »

The team first visited the Kasaba region under the tehsil of Sadar and then they visited the villages of Naraharipur, Baunsamunha and Padagaon under the tehsil of Remuna for the project.

It is learned that India has four currency printing works – in Nasik (Maharashtra), Dewas (Madhya Pradesh), Mysore (Karnataka) and the last one in Salboni (West Bengal).

India started printing banknotes in 1928 with the establishment of India Security Press in Nasik. The second banknote printing press was established at Dewas in 1975. Presently, India prints banknotes using 100% cotton paper substrates.