Motivating to print Rs 500 notes: New target allowance, per diem

At the two currency presses Security Printing and Minting Corporation of India Limited in Dewas and Nashik, rules tweaked to keep currency press cranking.

Written by Ritu Sarin | New Delhi | Updated: December 1, 2016 10:12 am
demonetisation, Rs 500 notes, Dewas, madhya pradesh, Nashik, maharashtra, cash crunch, SPMCIL, Security Printing and Minting Corporation of India Limited, printing money, printing new notes, india news, indian express news The new Rs 500 note is in short supply. (Source: Virender Singh Negi)

Away from the crush of long queues and a daily cash crunch that’s expected to exacerbate the crisis come Pay Day tomorrow, an estimated 3,000 workers in the security printing presses in Dewas, Madhya Pradesh and Nashik, Maharashtra are hard at work. And have been incentivised for churning out a record production of Rs 500 notes.
Days after the November 8 announcement, the long two-hour lunch break has been done away with at two presses of the SPMCIL (Security Printing and Minting Corporation of India Limited) and workers now get a daily group lunch incentive — the lunch break has been staggered; the printing never stops with a per diem allowance for extra time thrown in.

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In the SPMCIL presses in Dewas and Nashik which have until now taken the burden of exclusively printing the new 500-rupee notes, workers have been given a “target allowance”—marked up March 2017 — which may, roughly, translate into Rs 10,000 extra as monthly emoluments.

Besides this, top SPMCIL officials say they have also cleared the long-pending demand of senior staff at the security presses for a productivity linked pay package which is expected to be announced shortly. This special allowance will annually add another Rs 20,000-30,000 to the pay package of managers and senior supervisors.

As a top SPMCIL official put it, “The workers have been motivated and told they too are in a war-like situation. That the entire country is waiting for the Rs 500 currency notes they are printing.”

As a result, officials said production of Rs 500 notes has gone up these past two weeks from 6 million pieces a day to 10 million a day at Dewas and from 3 million pieces a day to 5 million pieces a day at Nashik.

Except for delivery to adjoining cities, the cargo of currency is now being airlifted and rushed to the 4,400 currency chests across the country.

The almost frantic printing cycle for Rs 500 notes has resulted in some obvious and some unnoticed changes. For one, there are frequent breakdowns of machine, which officials admit, have been badly in need of overhaul for years. Also, tenders are being issued by SPMCIL on a daily basis. For example, over the past few days, tenders have gone out for the purchase of thousands of gunny bags for huge consignments of chemicals and installation of CCTVs and access-control systems at the presses.

Top officials told The Indian Express that as of now, despite the spike in production of Rs 500 notes, they have not yet resorted to emergency import of currency paper since sufficient stocks are available. The only urgent import that has been effected is for OVI (optically variable ink) from the Swiss firm, SICPA, which gives the Rs 500 currency another of its anti-counterfeiting features.

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  1. J
    JD
    Dec 2, 2016 at 7:57 am
    minting employees are finally minting on bonuses :). Ache Ache
    Reply
    1. A
      ashoks
      Dec 1, 2016 at 4:04 am
      Hats off to the employees.
      Reply
      1. C
        C P
        Dec 1, 2016 at 12:56 am
        Unseen and unsung you are the heroes today. I applaud your efforts. Please please keep the momentum. Country depends on you. Never before we were aware of your role so poignantly as on today.
        Reply
        1. H
          Harminder Singh
          Dec 1, 2016 at 4:03 am
          Correction per day and YASHWANT SINAH
          Reply
          1. H
            Harminder Singh
            Dec 1, 2016 at 4:01 am
            It can only print a specified no of notes r Mr Yashwant Subha earlier FM had printed and imported the notes from SWITZERLAND under similar DEMON-ITISIED issue
            Reply
            1. M
              Manzoor
              Dec 1, 2016 at 7:56 am
              Achhe-Din for minting employee.
              Reply
              1. M
                mumbikar
                Dec 1, 2016 at 11:21 pm
                than where is the money going ? surely not to banks and ATMS !!!!
                Reply
                1. C
                  comet
                  Dec 1, 2016 at 7:54 am
                  lets hope they are faster than counterfeit press guys!
                  Reply
                  1. G
                    Girish Rao
                    Dec 1, 2016 at 11:59 am
                    Good Luck guys for holding your fort and making us proud...
                    Reply
                    1. R
                      Rehan
                      Dec 1, 2016 at 4:35 am
                      proud of you guys!
                      Reply
                      1. S
                        SHARAD
                        Dec 1, 2016 at 1:56 am
                        Sorry our lifeline depends upon Mr modis orders
                        Reply
                        1. P
                          Prakash
                          Dec 5, 2016 at 11:46 am
                          Proud of the employees who are printing these notes.. Surely they are going out of there way to ensure they deliver their best. Its just various currency chests now need to refill the ATMs atleast 4-5 times a day, the way most of the ATMs are deserted with Out of Service boards and at one point of time hardly 4-5 people used to stand or sometimes none.. after almost a month situation is still pathetic. lt;br/gt;lt;br/gt;Concerned Officials should take this very seriously as the situation is really bad, hope to this is read by someone. Currency chests to ensure all 90% ATMs calibrated are fully loaded 4-5 times a day.
                          Reply
                          1. P
                            Pavan
                            Dec 1, 2016 at 2:27 pm
                            The total cost of additional ries, transportation, ATM re-calibrations etc should be tabled in Parliament and then only one can gauge the success of demonetization. I want to see some real numbers, rather than empty urances from the government. lt;br/gt;Any Government always keeps on feeding taxpayers money to its employees!
                            Reply
                            1. V
                              Venkat Narayan
                              Dec 6, 2016 at 10:51 am
                              But there are not enough notes to refill ATMs 4-5 times a day. If you read the article, it is clear that only 15 million 500-rupee notes are being printed per day. That is 1.5 crore notes(150 lakh notes). Since there are 1 lakh bank branches and 1 lakh operational ATMs, that means each bank branch/ATM can get only 75 notes each per day. That is enough only for 20-25 people. Rest will get 2000s and 100s.
                              Reply
                              1. V
                                Venkat Narayan
                                Dec 6, 2016 at 10:52 am
                                There are not enough notes to refill ATMs 4-5 times a day. If you read the article, it is clear that only 15 million 500-rupee notes are being printed per day. That is 1.5 crore notes(150 lakh notes). Since there are 1 lakh bank branches and 1 lakh operational ATMs, that means each bank branch/ATM can get only 75 notes each per day. That is enough only for 20-25 people. Rest will get 2000s and 100s.
                                Reply
                                1. V
                                  virendra gupta
                                  Dec 1, 2016 at 2:39 pm
                                  What about the output ant Mysuru printing where the printing has been started 2 days earlier.lt;br/gt;virendra
                                  Reply
                                  1. Y
                                    yash sehgal
                                    Dec 1, 2016 at 12:49 am
                                    Go on brave hearts in this crisis..lt;br/gt;Hats off to you..
                                    Reply
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