Online Dailymail UK reported 5 days ago that a delegation of Indian government officials will fly to investigate banknote printer De La Rue over quality control errors. As reported by the same news, De La Rue's biggest contract is with the Reserve Bank of India, to whom it supplies watermarked banknote paper. The company's chief James Hussey forced to quit because of the quality control errors. The Indians are expected to negotiate a compensation deal with chairman Nicholas Brookes, but they are expected to stop short of cancelling the contract.
In another news by India Times, it is reported that the news is not accurate:
In India, notes are printed only in India by Royal Bank of India (RBI) subsidiary Bharatiya Reserve Bank Note Mudran (BRBNMPL) and the government-owned Security Printing and Minting Corporation of India (SPMCIL). These presses source the high security paper from international suppliers such as De La Rue. BRBNMPL printed 850-crore notes in 2008-09 (July-June) while SPMCIL printed 516-crore notes in the same year. The printing order is placed by RBI based on its estimate of the quantity of notes required denomination-wise. The notes received from the presses are issued and a reserve stock maintained. RBI derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
Source: Indiatimes.
Can anyone from India confirm this? I check Wikipedia that there is some information about Bharatiya Reserve Bank Note Mudran establish in 1995 as the subsidiary company of RBI that produce banknote. Dailymail also reported that RBI contract deal accounts for 25 percents of De La Rue group profit. De La Rue, which produces 150 currencies around the world, is still weeks away from completing its investigation into the quality control lapses, which are blamed by staff on a round of redundancies.
Source: Dailymail.co.uk.
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4 comments:
Not sure what aspect of the Daily Mail article you think is disproved by the India Times. Banknote printing and banknote paper supply are two separate functions. It seems that both articles agree that De La Rue performs the latter for Indian banknotes.
Hi Mr/Ms Anonymous.
You need to read both the news link. India times said that the news is not accurate. That why I am asking if anyone knew about this?
The paper for notes in India is made by a subsidiary of Security Printing and Minting corporation. They have 9 units, which include 4 mints, 4 security printing presses and 1 paper making mill. see http://www.spmcil.com/
I do not think your news is correct but then no one knows for sure.
Thanks P k Saha.
Its very hard for me to find any information regarding this because I can only found two news about it so far.
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