Reducing dependence on import and in line with the Make in India drive, currency printing presses at Mysore and Hoshangabad are using indigenous paper to the extent of 50 per cent to print notes.
Security Printing and Minting Corporation of India Ltd (SPMCIL) CMD Praveen Garg said both the plants have a capacity of 18,000 metric tonne.
"Already we are doing it (printing on indigenous paper). In the two units, almost 50 per cent is on indigenous paper and 50 per cent is imported," he said.
SPMCIL prints currency notes and mints coins besides non- judicial stamp paper. It currently prints 40 per cent of the total currencies and the remaining 60 per cent is done by the RBI presses. SPMCIL, however, mints 100 per cent coins.
Post demonetisation move, while the RBI presses are printing both Rs 2,000 and Rs 500 notes, SPMCIL currently printing 22 million pieces of new Rs 500 bills with increased security features.
SPMCIL has a Joint Venture with Bhartiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL) in the name of Bank Note Paper Mill India Pvt Ltd (BNPMIPL) for indigenous production of bank note papers.
"With a view to encourage indigenisation in line with Make In India campaign, we are emphasising now on R&D projects in the country. We have recently created a R&D unit at Nashik. The company has entered into MoU with Central Pulp and Paper institute, Foundation for Innovation and Technology Transfer, CSIR, National Chemical Laboratories," Garg said.
SPMCIL's sales turnover in 2015-16 fiscal was at Rs 4,647 crore and is expected to grow 18 per cent to Rs 5,500 crore in current financial year, he said, adding the paid up equity of the company stands at Rs 1,182 crore.
The company has fully repaid the Rs 1,182 crore worth term loan granted to it by the government, making the company debt free and improve profitability, Garg said.
"For capacity expansion, we plan to borrow money from the market. We are thinking of issuing bonds and debentures whenever we need funds that will be at a competitive rate of 8-8.5 per cent, and we are engaging a credit rating agency for rating the company," he added.
Post demonetisation, the currency printing presses of the company at Nashik and Dewas shifted from two shifts to three shifts and they worked 24 hours everyday in a week.
"We created addition 6.3 lakh man hours per month in both the units which made it possible to print currency notes in crisis situation.
"The currency presses with the Air Force and Cargo passenger planes distributed about 16 mn pieces of bank notes of 500 rupees worth Rs 21,500 crore taking around 54 trips to various cities," Garg added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)