Introduction of New Designs and Security Features in Indian Bank Notes - Evaluation and Indigenisation
Bharatiya Reserve Bank Note Mudran (P) limited
Kaza Sudhakar, Managing Director
Banknotes reflects the contemporary culture and aspirations of the nation and at the same time, the design and security features of the Banknotes offer aesthetics, easy validation by various stakeholders and strong protection against counterfeiting. It is in this backdrop that new designs and security features are introduced in Indian Banknotes.
Various steps in introducing New Indian Banknote series includes:
• Selection of theme for Banknote Design
• Selection of Security features
• Functional Layout
• Introduction of Design elements
• Procurement of Security Features
Theme for new banknote designs and selection of security features for Indian Banknotes is done by a high level expert committee constituted by Government of India and Reserve Bank of India which also includes members from state printing works and other Indian research institutions. Selection of Security features for Indian Banknotes is carried out through a transparent global request for Information. Details on the Basis for Selection of security features for Indian Banknotes will be explained in the presentation.
On selecting the matrix of security features for various Indian Banknote denominations, a functional layout is prepared depicting the location for the selected security features. Design elements are introduced to merge with the theme and security features. While the supply of security features is determined by the global procurement process, design for Indian Banknote is made in the In-house design studio of state printing works. This presentation will provide an overview on the design policy, objective, methodology and approach of Indian currency agencies in introducing new series of Indian banknotes.
This presentation will detail about the challenges in the procurement of security feature vis-à-vis remedial solutions. Main focus of this presentation will be on the objective evaluation methodology that is adopted in the selection of security features and suppliers. The evaluation methodology is novel and unique in the Banknote Industry which will be based on the quality and cost based system as against the selection based on the price or performance alone. This methodology ensures the right balance in selection of the optimal feature which is technically superior in terms of ease of validation and counterfeit deterrence at the same time commercially competitive. This presentation will detail about the various parameters with appropriate weightage that is considered for objective selection of suppliers and features. Details of the parameters vis-à-vis their factoring will be discussed in the presentation.
The presentation also will feature about the various initiatives that are being taken by India in the currency sector to encourage the domestic talent and develop indigenous capacity in the wake of the “Make in India” initiative of our honourable Indian Prime Minister.
Various policy initiatives such as reservation and incentives for domestic production, import component restriction etc., for encouraging domestic production will be discussed during the presentation.
India being one amongst the leading banknote producers in the world, sharing the experiences in selecting the design and security features for Indian Banknotes is expected to be a central point of discussion in the forum like Banknote conference which attracts various Central Banks, State Owned printing Works, Private printing works and leading suppliers of security features and materials.