Jaitley pushes for ‘plastic’ currency

New Delhi, June 2 (IANS) After inaugurating a newly-minted facility to make special paper for currency notes at Hoshangabad in Madhya Pradesh a day before, Finance Minister Arun Jaitley on Tuesday pushed for greater use of plastic money.

“The developed world has moved substantially to plastic currency and payment gateways. I think, there is a need on this for India. Our determination is also there to gradually take steps and move in that direction,” the minister said at a conference on Indigenisation of Currency here.

To popularise the use of plastic money, the government had launched the RuPay debit card in 2012 through the National Payments Corp. of India (NPCI). The card enables electronic payments at all banks and financial institutions, competing with MasterCard, Visa and American Express.

At the same time, Jaitley also pushed for currency notes to be made in India from scratch.

On Monday, he inaugurated a paper-making line for bank notes at Hoshangabad and dispatched a consignment for printing Rs.1,000-denominated currency notes to the state-run security press at Nashik in Maharashtra.

Referring to the initiative here, Jaitley said: “It is about time we started printing our own currency with our own ink and paper. This is not mere symbolism. It also represents a thought process — there is a desire to bring back the Indian manufacturing to a particular level.”

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here