RBI promotes Make in India to enhance security features on currencies
Posted on: 18/Jul/2017 12:06:24 PM
Giving a push to Make in India concept, the Reserve Bank of India has come up with fresh tender for currency security features on 17th July. This mandates the need to set up manufacturing unit in the country in another 2 years and whopping up the total local content.
The 2 tenders received earlier for providing security features and fibre for currency notes were cancelled by the RBI, aiming at mandating Make in India a compulsory requirement.
The bid documents encompasses supplying various kinds of security threads, foil patch, color-shifting ink, security fibre, ink based taggant, paper based taggant, advanced watermarking and micro perforation.
It is important for the bidders to note that the Make in India acceptance is a mandatory need to be eligible as a bidder, states RBI while giving an inviting note for pre-qualification bids to supply security features to Indian bank notes.
According to the most recent tender document for security features on banknotes, a successful bidder will have to set up manufacturing facility in India in 2 years of agreeing to the contract, and surge local content as per plans starting from third year.
In the 3rd year, the domestic value addition will increase to 35 percent and by 4th year, it will increase to 40 percent and to 50 percent in the 5th year.
