Panel for local production of currency paper to check fakes

The finance ministry should encourage local manufacturing of currency paper to check counterfeits and exempt its production from excise duty, a high level committee has said.

In a report submitted to Finance Minister Pranab Mukherjee, the committee has recommended that the Directorate of Currency be set up to oversee research and development to add security features on currency notes. It has called for a national research and development centre under the proposed directorate.