RBI to set up paper mill to counter fake currency

Mumbai, Jan 29 (PTI) Reserve Bank Governor D Subbarao today said the Central Bank would set up a paper mill in Mysore at the site of its existing currency note press in order to counter the problem of fake currency notes.

"In the currency note press in Mysore, we are going to set up a paper mill. That paper mill will be a joint venture between Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), which is a subsidiary of the Reserve Bank and the Security Printing & Minting Corporation of India Limited (SPMCIL), which is a subsidiary of the Government," Subbarao told reporters here.

Finance Minister Pranab Mukherjee would lay the foundation stone of the plant on March 22, he added.