make in india

‘Make in India’: RBI wants suppliers to manufacture currency security features locally

The central bank has invited bidders on the condition that they set up their production facilities in the country.

The Reserve Bank of India on Monday gave the Centre’s “Make in India” initiative a push, inviting fresh bids for the supply of currency security features while making it mandatory for companies signed on to set up manufacturing units in the country.

The RBI said bidders will be considered eligible based on “their acceptance of the ‘Make in India’ campaign”. The suppliers will have to set up manufacturing units in the country within two years of signing the contract.

To incorporate the Centre’s “Make in India” campaign into its process, the RBI had cancelled two tenders finalised earlier.

The central bank also said the successful bidder will have to increase the domestic value addition to 35% in the third year, 40% in the fourth year and 50% or more in the fifth year. The manufacturing unit can be set up through a subsidiary, under a license, “or through transfer of technology to any local manufacturer”.

The RBI has invited submissions for the supply of different types of security threads, foil patches, security fibres, colour-shifting ink, advanced watermarks and micro perforation, as well as paper-based and ink-based taggant, which are uniquely encoded materials.

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