RBI prints faulty notes worth Rs30,000 crore

The Pak Banker - - COMPANIES/BOSS -

The Nashik unit of In­dian Se­cu­rity Press (ISP), owned by state-run Se­cu­rity Print­ing and Mint­ing Cor­po­ra­tion of In­dia (SPMCIL), has re­port­edly burnt 30 crore faulty notes with a de­nom­i­na­tion of Rs1,000.

This has led to the sus­pen­sion of five em­ploy­ees, in­clud­ing a man­ager and deputy man­ager at SPMCIL's Hoshangabad (Mad­hya Pradesh) unit. Ac­cord­ing to re­ports, the Re­serve Bank of In­dia (RBI) through the Govern­ment of In­dia (GoI) had placed an or­der with the Press to print 50 crore notes of Rs1,000 de­nom­i­na­tion. Af­ter re­ceiv­ing pa­per with se­cu­rity fea­tures from SPMCIL's pa­per mill, the ISP printed about 30 crore notes. The RBI, af­ter re­ceiv­ing th­ese notes from the ISP, dis­trib­uted about 20 crore notes to sev­eral banks.

How­ever, some peo­ple com­plained to RBI about the miss­ing se­cu­rity thread in th­ese new notes. Few also pointed out the up­side down water­mark im­age of Mahatma Gandhi on th­ese notes. The Rs1,000 cur­rency notes have a read­able, win­dowed se­cu­rity thread, al­ter­nately vis­i­ble on the ob­verse with the in­scrip­tions ' Bharat' (in Hindi), ' 1000' and ' RBI', but to­tally em­bed­ded on the re­verse. The RBI then re­ported this mat­ter to SMPMCIL, whose chair­man and man­ag­ing di­rec­tor MS Rana, set up a three-mem­ber en­quiry com­mit­tee.

The Com­mit­tee headed by TR Gowda, for­mer gen­eral man­ager of ISP's Nashik unit and cur­rent in-charge of Hoshangabad unit of SPMCIL, sub­mit­ted its re­port. This was fol­lowed by sus­pen­sion of two of­fi­cials, SR Va­j­payee, man­ager and Ravin­dra Singh, deputy man­ager of SMPCIL's Hoshangabad unit. Three em­ploy­ees from ISP, Nashik were also sus­pended while six su­per­vi­sors were is­sued a show cause no­tice, me­dia re­ports say.

How­ever, Press Ma­j­door Sangh, the em­ployee union at Nashik, went on an ag­i­ta­tion. On Tues­day, the union, de­tained San­deep Jain, gen­eral man­ager of ISP, Nashik for the en­tire day. Ac­cord­ing to the union, no em­ployee from Nashik is re­spon­si­ble for print­ing of faulty cur­rency notes, as there was a fault with the se­cu­rity pa­per it­self. How­ever, the ac­tion was taken at the Fi­nance Min­istry-level and not at ISP-level, Jain had re­port­edly told the union lead­ers.

In an email re­ply, an of­fi­cial from RBI, said the mat­ter re­lates with CNP Nashik, which can pro­vide the an­swers. The CNP NAshik is not un­der the cen­tral bank's con­trol, the of­fi­cial added. RBI along with the In­dian govern­ment is re­spon­si­ble for the de­sign, pro­duc­tion and over­all man­age­ment of the na­tion's cur­rency, with an aim to en­sure ad­e­quate sup­ply of clean and gen­uine notes. There are four print­ing presses that print and sup­ply cur­rency notes to the RBI. Th­ese are lo­cated at Dewas in Mad­hya Pradesh, Nashik in Maharashtra, Mysore in Kar­nataka, and Sal­boni in West Ben­gal. The Dewas and Nashik units are owned by SPMCIL, while Mysore and Sal­boni presses are owned by Bharatiya Re­serve Bank Note Mu­dran Pri­vate Lim­ited, a wholly owned sub­sidiary of the RBI. The In­dian govern­ment mints coins, which are dis­trib­uted by the RBI.

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