Modi for currency on Indian paper |
Indian Prime Minister Narendra Modi threw out another `Made in India` agenda, asking the Reserve Bank to use Indian paper and ink to print currency notes and set a target date for achieving the objective. Celebrating 80 years of RBI, Modi posed to RBI Governor Raghuram Rajan the question how Mahatma Gandhi, who fought for swadeshi and his picture appears on currency, would like it printed on imported paper. RBI Deputy Governor S S Mundra said work on a currency printing press was in advanced stages already. Use of indigenous paper and currency would also help in curbing counterfeiting of the notes. India prints Rs 2,000 crores currency notes every year, and 40 per cent of the cost goes towards import of paper and ink. Modi also asked the Bank to prepare a 20-year road map for financial inclusion and nudged banks to be considerate in giving loans to the poor, especially farmers. Modi dispelled the perception about differences between RBI and the government by praising Raghuram Rajan for being perfect in his position and even someone who was able to explain complex economics to him in the bimonthly meetings. The Prime Minister also called upon the bankers to extend credit to resource rich eastern states.
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