equity investments, providing technical assistance for the preparation and execution of
development projects and programmes and other advisory services, guarantees, grants and policy
dialogues. India borrows from ADB within overall external debt management policy pursued by
the Government which focuses on raising funds on concessional terms from less expensive
sources with longer maturities. India started borrowing from ADB in 1986.
Relevant Website: www.adb.org
Currency and Coinage
Security Printing and Minting Corporation of India Limited
Security Printing and Minting Corporation of India Ltd. (SPMCIL) is the only PSU under
the Department of Economic Affairs. It was formed after corporatisation of nine units, i.e. four
mints, four presses (two currency note presses and two security presses) and one paper mill
which were earlier functioning under the Ministry. The Company was incorporated in 2006
under the Companies Act, 1956. It is engaged in the manufacturing of security paper, minting of
coins, printing of currency and bank notes, non-judicial stamp papers, postage stamps, travel
documents, etc. The Company supplies currency/bank notes and coins to RBI, non-judicial
stamp papers to various state governments; postal stationery and stamps to postal department;
passports, visa stickers and other travel documents to Ministry of External Affairs. Other
products include commemorative coins, MICR and Non-MICR cheques etc. SPMCIL has also
setup a 50:50 Joint Venture in 2010 with Bhartiya Reserve Bank Note Mudran Pvt. Ltd.
(BRBNMPL) in the name of Bank Note Paper Mill India Private Limited (BNPMIPL), a Green-
Field project of Bank Note Paper Mill with capacity of 12000 MT per annum having two state of
the art technology paper lines of 6000 MT capacity per annum each. The commercial production
has started from both the lines.
Relevant Website: www.spmcil.com
New Denomination of Banknotes
New denomination banknote of ₹ 2,000/- introduced on the size, theme, colour and design.
This helped in faster remonetisation of the system, subsequent to cancellation of legal tender of
Cancellation of Legal Tender
The legal tender character of banknotes in the denominations of ₹ 500 and ₹ 1,000 in
circulation i.e., ‘Specified Bank Notes’(SBN) was cancelled in November, 2016 to curb the
problem of black money, Fake Indian Currency Note and various other subversive activities.
Replacing high denomination notes required large scale exercise involving 1.3 lakh Bank
branches, 1.5 post offices branches, 1 lakh banking correspondents and 2.2 lakh ATMS.
National Investment and Infrastructure Fund
The Government of India has put investment in infrastructure as one of the core elements of
its economic programme. India’s average investment in infrastructure was 4.7 per cent of GDP
during 1992-2010. Moreover, there has been a slowdown in equity inflows into the infrastructure
sectors over the past few years, constraining further investment. National Investment and
Infrastructure Fund (NIIF) was created with the aim to attract equity investments from both