Quality of Indian banknotes within ‘tolerance’ parameters: RBI
The country’s banking regulator said the process and system followed for production of Indian banknotes are at par with the best practices adopted globally.business Updated: Aug 11, 2017 22:28 IST
Under attack from Congress for discrepancies in printing of currency notes post demonetisation, the RBI on Friday said it is following the best global practice and quality of notes are within “tolerance parameters”.
The central bank further said the currency printing presses are equipped with state-of-the-art machinery, documented systems and technically qualified personnel through which quality control is ensured at each stage of banknote production.
“The process and system followed for production of Indian banknotes are at par with the best practices adopted globally. In line with the same, banknote quality is maintained well within the various tolerance parameters for dimension, placement of design, print features etc,” the RBI said in a statement.
The central bank’s statement assumes significance, as it comes days after the Congress party on August 8 alleged that two different kinds of Rs 500 and Rs 2,000 notes were printed post demonetisation, “jeopardising the credibility” of Indian currency.
The opposition party had also said the “discrepancies” in the printing of the new high denomination notes were in terms of their size, design and other features.
The RBI further asserted that the currency printing presses are equipped with state-of-the-art machinery, documented systems and technically qualified personnel through which quality control is ensured at each stage of banknote production.
Noting that the central bank rarely receives complaints from the members of public on banknotes with features beyond the acceptable tolerance levels, it said, “A standard operating procedure is in place for dealing with such rare cases wherein each such note is examined and corrective steps taken, if necessary.”
According to the statement, there are standard tolerance limits prescribed for certain features of the note, viz., security thread width, wandering of watermark and security thread, and cutting accuracy.