The country's first ever currency note paper manufacturing unit will be soon set up at the Reserve Bank of India Note Mudranalaya in Mysore.
Informing this to reporters in Mysore on Sunday, Note Mudranalya Employees Union President Ramadas said the Centre had given technical approval as well as administrative clearance for the unit. The Prime Minister's Office had also given its nod for the project, he added.
Stating that the special quality papers used for printing currency notes were being imported from Germany, England and Ukraine at a cost of Rs 300 crore annually, he said quality cotton grown in Karnataka was being exported to these countries for using it in the production of the paper.
He said once completed, the unit, being set up following the appeals made by the Union, would save the country Rs 300 crore every year.
Mr Ramdas, also a former MLA, disclosed that RBI Note Mudranalya Director Biswas and Deputy General Manager KK Nandi had been dismissed in connection with the cases relating to missing of notes from the Mudranayala, besides disciplinary action initiated against General Manager SK Nag.