In an effort to reduce counterfeiting throughout the country, the government of India announced this week that they would be increasing security features on their banknotes beginning this summer.
Indian Finance Minister Pranab Mukherjee said in an announcement Monday that counterfeiting had become “a matter of great concern” for the country, thus the need to upgrade the anti-counterfeiting devices on their currency.
Nearly a year ago, the India government made the decision to print Rs500 and Rs1,000 banknotes on special blue security paper in order to curtail counterfeiting. The specialty paper has higher durability compared to normal currency notes and radiated a blue hue that makes it virtually impossible for colour photocopiers to reproduce.
In addition to the new security features, Mukherjee also said that Security Printing and Minting Corporation of India Limited (SPMCIL) – the national bureau in charge of printing currency – was taking steps to produce more indigenous raw material for the production of banknotes.
“80-85 per cent of the bank note paper would be produced in the country in the next three years as against import of about 95 per cent paper at present,” an article in the Financial Chronicle reported.
To date, no details have been provided on the new security features that will appear on the new banknotes.
Financial Chronicle: “Bank Notes To Have New Security Features Soon”
Economic Times: “Govnt Plans To Introduce Security Features In Notes”
Global Paper Security: “India Switches Rs500 & 1,000 Notes To Blue Paper”