RBI Currency-Printing Subsidiary Seeks Global Bids for Secure Polymer Banknote Substrate

Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly owned currency-printing subsidiary of the Reserve Bank of India, has invited a Global Expression of Interest from eligible manufacturers for supplying security-enabled polymer substrate sheets for Indian banknotes.

The immediate indicative requirement comprises 68,000 reams of biaxially oriented polypropylene-based substrate. The proposed procurement is divided equally between two denominations, with 34,000 reams allocated to each. Every ream will contain 500 sheets.

The polymer substrate must incorporate multiple anti-counterfeiting elements, including a transparent portrait window, metallic denomination numeral, magnetic pseudo-security thread, shadow image and iridescent design. It must also be compatible with banknote-printing facilities operated by BRBNMPL and the Security Printing and Minting Corporation of India Limited.

According to sources cited in the report, the initial polymer banknote trials may cover lower denominations such as ₹10 and ₹20. However, the denominations have not been officially confirmed in the EOI. Specialised security ink is also expected to be used during the printing process.

The eligibility conditions include strict national-security safeguards. Applicants must keep any operations in China or Pakistan completely separate from India-related business, avoid sourcing raw materials from these countries and refrain from assigning personnel who have previously worked there to the proposed Indian project.

Companies based in countries sharing a land border with India must secure registration with the Department for Promotion of Industry and Internal Trade’s designated Registration Committee before becoming eligible to participate.

Domestic and overseas applicants—including manufacturers, subsidiaries, joint ventures and technology partners—must demonstrate at least three years of experience supplying security-featured polymer substrate to a central bank, currency-printing organisation or security-printing institution.

Each applicant must offer at least 20,400 reams, equivalent to 30% of the total indicative requirement. Bidders are also required to provide a minimum of 10 polymer substrate sample sheets for laboratory evaluation.

The samples must be certified as free from animal tallow and DNA content. Applicants must additionally submit evidence concerning their net worth, manufacturing capability and eligibility for security clearance.

BRBNMPL has indicated that the present requirement is intended to address an immediate need. Subject to successful substrate testing and field trials, further tenders involving larger quantities and additional banknote denominations may be issued. CA Sansaar