UK-based co denied security nod to supply currency paper

UK-based has been denied security clearance to provide paper for printing of Indian as its supply last year failed to meet some of the required specifications.

had contracts with Bharatiya Note Mudran Pvt Ltd for supply of bank note paper to India, Minister of State for Finance Namo Narain Meena said in reply to a question in Rajya Sabha today.

However, during July-August 2010, it came to the notice of the authorities that the paper being supplied by the British maker was "not conforming" to some of the prescribed specifications.

"Accordingly, the supply of the paper was suspended. The deficiency in the paper was subsequently admitted by also. Meanwhile, the security clearance was denied to and thus the supplies were not resumed," Meena said.

The minister further said that as on date, no paper is lying in godowns in India for transportation to currency printing presses.

"In the absence of security clearance to De La Rue, the supplies cannot be resumed and stocks cannot be used," Meena added.

Meena also said Bharatiya Note Mudran has also informed that the contract with the UK company can be terminated relying on fact that the paper supplied by it was not strictly as per the contract specifications.

Bharatiya Note Mudran, a wholly owned subsidiary of RBI, was set up in 1995 with a view to augment the production of bank notes in India to enable the central bank to bridge the gap between the supply and demand for currency notes.

image
Business Standard
177 22
Business Standard

UK-based co denied security nod to supply currency paper

Press Trust of India  |  New Delhi 

UK-based has been denied security clearance to provide paper for printing of Indian as its supply last year failed to meet some of the required specifications.

had contracts with Bharatiya Note Mudran Pvt Ltd for supply of bank note paper to India, Minister of State for Finance Namo Narain Meena said in reply to a question in Rajya Sabha today.

However, during July-August 2010, it came to the notice of the authorities that the paper being supplied by the British maker was "not conforming" to some of the prescribed specifications.

"Accordingly, the supply of the paper was suspended. The deficiency in the paper was subsequently admitted by also. Meanwhile, the security clearance was denied to and thus the supplies were not resumed," Meena said.

The minister further said that as on date, no paper is lying in godowns in India for transportation to currency printing presses.

"In the absence of security clearance to De La Rue, the supplies cannot be resumed and stocks cannot be used," Meena added.

Meena also said Bharatiya Note Mudran has also informed that the contract with the UK company can be terminated relying on fact that the paper supplied by it was not strictly as per the contract specifications.

Bharatiya Note Mudran, a wholly owned subsidiary of RBI, was set up in 1995 with a view to augment the production of bank notes in India to enable the central bank to bridge the gap between the supply and demand for currency notes.

RECOMMENDED FOR YOU

UK-based co denied security nod to supply currency paper

UK-based De La Rue has been denied security clearance to provide paper for printing of Indian currency notes as its supply last year failed to meet some of the required specifications.

UK-based has been denied security clearance to provide paper for printing of Indian as its supply last year failed to meet some of the required specifications.

had contracts with Bharatiya Note Mudran Pvt Ltd for supply of bank note paper to India, Minister of State for Finance Namo Narain Meena said in reply to a question in Rajya Sabha today.

However, during July-August 2010, it came to the notice of the authorities that the paper being supplied by the British maker was "not conforming" to some of the prescribed specifications.

"Accordingly, the supply of the paper was suspended. The deficiency in the paper was subsequently admitted by also. Meanwhile, the security clearance was denied to and thus the supplies were not resumed," Meena said.

The minister further said that as on date, no paper is lying in godowns in India for transportation to currency printing presses.

"In the absence of security clearance to De La Rue, the supplies cannot be resumed and stocks cannot be used," Meena added.

Meena also said Bharatiya Note Mudran has also informed that the contract with the UK company can be terminated relying on fact that the paper supplied by it was not strictly as per the contract specifications.

Bharatiya Note Mudran, a wholly owned subsidiary of RBI, was set up in 1995 with a view to augment the production of bank notes in India to enable the central bank to bridge the gap between the supply and demand for currency notes.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard