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Bidders providing security features for Indian currency told to keep Pakistanis, Chinese out

By Vicky

The Reserve Bank of India has made it mandatory for those supplying security features for Indian currency to set up the manufacturing units in India. This move is being seen both as an attempt to push the 'Make in india,' campaign as well as enhancing the security features in Indian currency to avoid counterfeiting.

Bidders providing security features for Indian currency told to keep Pakistanis, Chinese out

The bidder would also have to give an undertaking that no Pakistani national of person of Pakistani origin would be engaged by the company for the project. The company should not post an employee who worked in India operations in Pakistan or China, the RBI has also mandated.

RBI cancelled two tenders issued earlier for supply of security features and fibre for currency notes in order to incorporate 'Make in India' as an essential requirement.

The bid document is for supply of different types of security threads, colour-shifting ink, foil patch, security fibre, paper based taggant, ink based taggant, advanced watermark and micro perforation.

"Bidder may note that their acceptance of the 'Make in India'...is a mandatory requirement for considering the bidder eligible," RBI said while inviting pre-qualification bids for supply of security features for Indian banknotes.

As per the latest tender document for security features for banknotes, the successful bidder will be required to set up the "manufacturing facility" in India within two years from the date of signing of contract and increase the local content in planned manner from the third year.

It will also have to increase the domestic value addition to 35 per cent in the third year, 40 per cent in the fourth year and 50 per cent or more in the fifth year.

"The bidder may set up his manufacturing unit in India through a subsidiary or under license or through transfer of technology to any local manufacturer permitted by the purchaser," said the pre-qualification bid document.

The local suppliers are exempted from experience and past performance criteria, and average annual turnover requirement. Further, the document said, operations of the bidder in Pakistan or China, if any, "should be suitably firewalled from the contract/ operations with India".

OneIndia News

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