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simply inTAXicating - Making & Faking of Indian Rupee
Rupee is the currency in as many as six countries. India happens to be the second largest producer of currency after China in the world. Since India is a cash-driven economy, its requirement of various denominations of bank notes is very high. What adds to the problem of our dependence on import of raw materials is the exceptionally high wear and tear process whereby out of 80 billion bank notes in circulation at any given point of time, RBI needs to replace almost 45% of such notes every year. And printing money costs lots of money. For instance, RBI spent over Rs 11000 Crore on currency printing in 2014. Then comes the problem of fake notes. To debate the issues of whether India can print its own currency requirement and whether there is room for us to export our printing services to other economies and what are the solutions to the problem of fake notes being pumped from across the border and whether either the Central Government or the RBI should undertake a currency empowerment drive for the common man TIOL spoke to the RBI Executive Director and the Chief General Manager besides inviting two experts to the studio to throw more light on these issues. The Making & The Faking of Indian Rupee was anchored by TIOL TUBE's Founder Editor Shailendra Kumar.