Indianmandarins has learnt that the contracts for printing currency notes mostly of Rs 10, Rs 20, Rs 50 and Rs 100 denominations have been finalized. It also signals that that the Rs 2,000 and Rs 500 notes may be printed on banknote paper manufactured in India.
Over Thursday and Friday, proposals of eight foreign firms in this regard were evaluated in Bengaluru to finalize the bids for contracts of 27,500 metric tons of paper for lower denomination currency notes to be circulated in the country between April-December 2017. The Letters of Intent along with the precise quantum of orders to each foreign firm may be finalized soon.
Some of the largest companies trading in banknote paper from Germany, Switzerland, and Italy figure in the list of successful bidders, but the British banknote giant, De La Rue, which was the largest supplier earlier, was kept out for security reasons.
While details of currency paper contracts are not made public, it is learnt that the eight firms that will share the massive contract are Lanquart from Switzerland, Komsco from South Korea, Arjowiggins from France, Crane from Sweden, Goznak from Russia, PT Pura from Indonesia, Fabriano from Italy and Louisenthal from Germany. Representatives of all the firms were present in Bengaluru for the scrutiny of technical and financial bids.
Although the order may not be the largest ever placed by India - paper for higher denominations of currency is now manufactured domestically - company officials say demonetization, and the urgency to print new banknotes at the four currency presses, have resulted in the rush to place the high-volume order before the Christmas break.
Officials maintain that while some currency paper from foreign firms had to be air freighted over the past few weeks, no such instructions have been issued to the firms selected for the current bids, and the consignments will be shipped as is done in the normal course.
Significantly, officials of the foreign firms say that the bidding in Bengaluru turned out to be highly competitive, and that the positive response from almost all the companies invited by Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) resulted in the price of the currency paper being almost 10% lower than the price fixed for the last orders placed in 2015-16.
(By M K Shukla and Rakesh Ranjan)
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Contracts for printing currency notes finalized
By IndianMandarins - 2016-12-25 12:00:33
Indianmandarins has learnt that the contracts for printing currency notes mostly of Rs 10, Rs 20, Rs 50 and Rs 100 denominations have been finalized. It also signals that that the Rs 2,000 and Rs 500 notes may be printed on banknote paper manufactured in India.
Over Thursday and Friday, proposals of eight foreign firms in this regard were evaluated in Bengaluru to finalize the bids for contracts of 27,500 metric tons of paper for lower denomination currency notes to be circulated in the country between April-December 2017. The Letters of Intent along with the precise quantum of orders to each foreign firm may be finalized soon.
Some of the largest companies trading in banknote paper from Germany, Switzerland, and Italy figure in the list of successful bidders, but the British banknote giant, De La Rue, which was the largest supplier earlier, was kept out for security reasons.
While details of currency paper contracts are not made public, it is learnt that the eight firms that will share the massive contract are Lanquart from Switzerland, Komsco from South Korea, Arjowiggins from France, Crane from Sweden, Goznak from Russia, PT Pura from Indonesia, Fabriano from Italy and Louisenthal from Germany. Representatives of all the firms were present in Bengaluru for the scrutiny of technical and financial bids.
Although the order may not be the largest ever placed by India - paper for higher denominations of currency is now manufactured domestically - company officials say demonetization, and the urgency to print new banknotes at the four currency presses, have resulted in the rush to place the high-volume order before the Christmas break.
Officials maintain that while some currency paper from foreign firms had to be air freighted over the past few weeks, no such instructions have been issued to the firms selected for the current bids, and the consignments will be shipped as is done in the normal course.
Significantly, officials of the foreign firms say that the bidding in Bengaluru turned out to be highly competitive, and that the positive response from almost all the companies invited by Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) resulted in the price of the currency paper being almost 10% lower than the price fixed for the last orders placed in 2015-16.
(By M K Shukla and Rakesh Ranjan)
