India Approves ₹18 Billion Upgrade for Security Paper Production

The Indian government has approved a ₹18 billion (£144 million) proposal to establish a new Cylindrical Mould Watermark Banknote (CWBN) production line. This line will have an annual capacity of 6,000 tonnes of high security paper for banknotes, non-judicial stamp paper, and passports.

The new production line will be installed at the Security Paper Mill (SPM) in Narmadapuram, which operates under the Security Printing and Minting Corporation of India Ltd (SPMCIL). SPMCIL consists of nine units, including two banknote printworks – Currency Note Press (CNP) in Nashik and Bank Note Press (BNP) in Dewas – and an ink factory (also in Dewas).

It also includes two security presses for passport and tax stamps – India Security Press (ISP) in Nashik and Security Printing Press (SPP) in Hyderabad – and four mints (Mumbai, Kolkata, Hyderabad, and Noida).

Currently, SPMCIL produces c. 40% of India’s banknotes, while the remaining 60% are produced by Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), which is owned by the Reserve Bank of India.