×
E-PAPER ▾

E-paper

Today's Newspaper

Make in India for currency security

| | New Delhi
Make in India for currency security

The ‘Make-in-India’ initiative launched by the Government of India to encourage national, as well as multinational companies to manufacture their products in India has received big support from the Reserve Bank of India also as it 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.

The RBI cancelled two tenders issued earlier for supply of security features and fibre for currency notes in order to incorporate ‘Make in India’ as an essential requirement. The bid is for 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.

“The bidder may note that their acceptance of ‘Make in India’...is a mandatory requirement for considering the bidder eligible,” the 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 contract and increase the local content in a 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 licence or through 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 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.

 
 
 

TOP STORIES

Sunday Edition

View All

38-yr-old held for duping people coming to ATM

17 Sep 2017 | Staff Reporter | New Delhi

A 38-year-old man has been arrested by the Farsh Bazaar police for allegedly duping people coming to ATM and fraudulently withdrawing their money. Twelve ATM cards have been recovered from his possession...

Read More

STATE EDITIONS

View All

Inbrief

23 Sep 2017 | PNS | New Delhi

Migraine week at Orchid Orchid Medical Centre observed Migraine Week last week during which senior Neurologist Dr Ujjwal Roy gave free treatment to 54 migraine affected patients and said that if someone has long time headache or he has undergone changes in it, must consult a doctor as it could be secondary headache. He said that treatment from Botox injection could lead to 90 per cent release from migraine...

Read More

Page generated in 0.3511 seconds.