Gujarat Chief Minister Narendra Modi on Thursday said India should use domestically made printing ink for currency notes.”Use of India-made printing ink would save foreign exchange of crores or rupees and will also help to prevent fake currency conspiracy in the country,” Modi said.

Chief Minister said this while inaugurating a new Ink manufacturing facility of Japanese printing ink producer company Sakata Inx at Panoli industrial complex in Bharuch district.

Modi said the Government of India imports printing ink for currency notes at a cost of Rs 250 crore foreign exchange. “We should encourage domestic research to produce ink for printing of Indian currency notes in India. Reserve Bank of India should can play leading role to initiate efforts in this direction,” Modi said.

It should be mentioned here that the security ink imported using the license usually costs over Rs one lakh per litre. Swiss security ink maker SICPA, a leading provider of security inks and solutions for banknotes, had recently come under the scanner of the Indian Intelligence Bureau after it was found that it was selling to Pakistan the same currency ink that was sold to India. The currency printing ink and papers are exported to Pakistan from European countries, similar to what is being given to India. The government feels that part of the consignment is being used by the ISI to print high quality duplicate Indian currency to destabilize the economy here.

Complete coverage of Sakata inauguration on Gujarat Money