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Foreign companies would have to give an undertaking that their operations in Pakistan or China, if any, shall be ‘suitably firewalled from the contract/operations with India’
Counterfeiting of banknotes is a major concern for India. Representational image
The government is placing a big global order for nearly 10,000 kg of colour security pigment used to print banknotes, but it has specified that the company should have no Pakistani or Chinese link whatsoever.
Counterfeiting of banknotes is a major concern for India. Nearly 2.6 lakh counterfeit notes of the Rs 500 denomination were detected in India between 2021 and 2024. Safeguards are hence being specified regarding the colour security ink, which is to be procured from abroad.
Foreign companies vying for this big contract would have to give an undertaking that their operations in Pakistan or China, if any, shall be “suitably firewalled from the contract/operations with India”, as per a document reviewed by News18.
The company will also have to ensure that no employee who has previously worked or been posted in Pakistan or China in any capacity is engaged for the Indian project.
Also, no Pakistani or Chinese national or person of Pakistani/Chinese origin can be engaged by the company for the Indian project. The company will not post any employee who has worked for India operations in Pakistan or China.
“If we are found indulging in acts inimical to India’s national security, the contract/tender is liable to be terminated,” the document says.
The Bharatiya Reserve Bank Note Mudran Pvt Ltd India (BRBNMPL) will be handling this big contract. Out of the total 9,900 kg of colour shifting pigment to be procured from abroad, 5,940 kg is meant for BRBNMPL, Mysuru, while 3,960 kg is meant for Security Printing and Minting Corporation of India Limited (SPMCIL) in Dewas, Madhya Pradesh.
It is incumbent upon the company not to reveal the specifications, etc, of the colour shifting pigment in Indian banknotes to any third party. The company also cannot supply India-specific colour shifting pigment to any other third party or country and will be responsible for maintaining secrecy, security, and exclusivity in case a contract is awarded.
This colour shifting pigment is used to manufacture colour shift intaglio security ink suitable for printing of Indian banknotes. This forms a key security feature in the Indian banknotes to make counterfeiting difficult.
The company is also supposed to inform if there is any change in the board of directors/key personnel and in the ultimate beneficial ownership of 10% and above. The bidder is, therefore, required to submit an undertaking that any such change will be intimated without any delay to the government.
Aman Sharma, Executive Editor – National Affairs at CNN-News18, and Bureau Chief at News18 in Delhi, has over two decades of experience in covering the wide spectrum of politics and the Prime Minister’s Office….Read More
Aman Sharma, Executive Editor – National Affairs at CNN-News18, and Bureau Chief at News18 in Delhi, has over two decades of experience in covering the wide spectrum of politics and the Prime Minister’s Office…. Read More
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