MP to give high-denomination currency paper; Jaitley opens new banknote paper line

The Security Paper Mill in Hoshangabad will give India indigenously produced high-denomination currency papers and will prove to be a major step towards Prime Minister Narendra Modi’s ‘Make in India’ initiative, union finance minister Arun Jaitley said on Saturday.
Updated on May 30, 2015 10:02 PM IST
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Hindustan Times | By, Bhopal

The Security Paper Mill in Hoshangabad will give India indigenously produced high-denomination currency papers and will prove to be a major step towards Prime Minister Narendra Modi’s ‘Make in India’ initiative, union finance minister Arun Jaitley said on Saturday.

Jaitley inaugurated the paper mill in the presence of chief minister Shivraj Singh Chouhan at an event on the day.

Expressing happiness over the initiative taken by the Madhya Pradesh to shed the ‘bimaru’ (sick) tag under the leadership of CM Chouhan, the union finance minister said: “The mill would produce 6,000 metric tonne paper on which currency notes of denominations 10, 20, 50, 100, 500 and 1,000 will be printed. Earlier, the paper to print high denomination currency was imported.”

The union minister announced that two more paper lines would be set up at SPM, Hoshangabad and a new security mill would be established at Mysore, in Karnataka, soon.

“This would ensure huge savings on forex,” the union minister said.

The minister also assured that he would look into the demands of employment for local youth and appointments on compassionate ground at the mill put forth by the chief minister.

Chouhan on his part lauded the efforts of the Modi-led union government saying that under the first year of its tenure, the country had achieved high economic growth. The CM also praised the Central government schemes: Jan Dhan Yojna, Beti Bachao Beti Padhao and insurance schemes.

Logistics hub inaugurated

Union minister Arun Jaitley and chief minister Chouhan also inaugurated a global level logistics hub at Pawarkhera in Hoshangabad district.

They also participated in a farmers’ convention held on the occasion. Objective of the hub was to help farmers get fair prices of their produce.

“Being centrally located MP has good railway connectivity and thus has a huge development potential,” Jaitley said.

Calling the logistics hub as a milestone, he said that the facility would “help produce of the local farmers to reach all parts of the country.”

On the occasion, CM Chouhan said that the state had surpassed Punjab and Harayana in wheat production.

He urged farmers having over five acre land to take up horticulture, floriculture and medical plant cropping.

Assembly speaker Sitasharan Sharma was also present on the occasion.

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