RBI Pushes 'Make in India' For Currency Security Features

Posted By:
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    In a big 'Make in India' push, the Reserve Bank came out with a fresh tender for currency security features, mandating that the supplier set up the manufacturing unit in the country within two years and gradually increase the local content.

    RBI cancelled two tenders issued earlier for the supply of security features and fibre for currency notes in order to incorporate 'Make in India' as an essential requirement. The bid document is for the supply of different types of security threads, colour-shifting ink, foil patch, security fibre, paper based taggant, ink based taggant, advanced watermark and micro perforation. 

    RBI Pushes 'Make in India' For Currency Security Features

    "Bidder may note that their acceptance of the 'Make in India'...is a mandatory requirement for considering the bidder eligible," RBI said while inviting pre-qualification bids for supply of security features for Indian banknotes. As per the latest tender document for security features for banknotes, the successful bidder will be required to set up the "manufacturing facility" in India within two years from the date of signing of the contract and increase the local content in planned manner from the third year.

    It will also have to increase the domestic value addition to 35 per cent in the third year, 40 per cent in the fourth year and 50 per cent or more in the fifth year. "The bidder may set up his manufacturing unit in India through a subsidiary or under license or through the transfer of technology to any local manufacturer permitted by the purchaser," said the pre-qualification bid document.

    The local suppliers are exempted from experience and past performance criteria, and average annual turnover requirement.

    Further, the document said, operations of the bidder in Pakistan or China, if any, "should be suitably firewalled from the contract/ operations with India." Bidder will have to give the undertaking that no Pakistani national or person of Pakistani origin would be engaged by the company for the project.

    Also, the company should not post an employee who worked in India operations in Pakistan or China.


    Read more about: rbi make in india
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more