Currency Paper Import only thru Security Press NOC

[DGFT Notification No. 94 dated 29^th September 2014]

Subject: Import of Currency Paper and Security Printing Paper; conditions thereof:

In exercise of powers conferred by Section 3 read with paragraph 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends the Policy Condition No.1 and 3 of Chapter 48 of ITC(HS), 2012, Schedule 1 (Import Policy) as under:-

2. Existing Policy Condition No. 1 and 3 of Chapter 48 is as under:

(1) The conditions for import of currency paper (water-mark bank note paper) are as follows:

(i) Import of Water-mark Bank Note Paper may be made, without an import licence, by the Note Printing Presses of the Government of India, namely, Currency Note Press, Nasik; Bank Note Press, Dewas; Bharatiya Reserve Bank Note Mudran Ltd., Mysore; Bharatiya Reserve Bank Note Mudran Pvt. Ltd., Salboni and Bharatiya Reserve Bank Note Mudran Ltd., Bangalore subject to Actual User Condition on a specific letter of approval from the Ministry of Finance (Department of Economic Affairs), Government of India for the import. The letter of approval of the Ministry of Finance should be submitted to the Customs for clearance of the import.

(3) The conditions for import of Security Printing Paper are as follows:

(i) Import of Security Printing Paper may be made without an import license by India Security Press, Nasik and Security Paper Press, Hyderabad subject to actual user condition on specific letter of approval from the Ministry of Finance (Department of Economic Affairs), Government of India for the import. The letter of approval of Ministry of Finance should be submitted to the Customs for clearance of the import.

3. After amendment, Policy Condition No.1 and 3 of Chapter 48 would read as under:

(1) The conditions for import of currency paper (water-mark bank note paper) are as follows:

(i) Import of Water-mark Bank Note Paper may be made, without an import licence, by the Note Printing Presses of the Government of India, namely, Currency Note Press, Nasik; Bank Note Press, Dewas both units of Security Printing and Minting Corporation of India Limited (SPMCIL); Bharatiya Reserve Bank Note Mudran Ltd.(BRBNMPL) units in Mysore, Salboni and Bangalore, subject to submission of a certificate of import from the Head of units and with actual user condition.

(3) The conditions for import of Security Printing Paper are as follows:

(i) Import of Security Printing Paper may be made without an import licence by India Security Press, Nasik and Security Paper Press, Hyderabad both units of Security Printing and Minting Corporation of India Limited (SPMCIL) subject to submission of a certificate of import from the Head of units and with actual user condition.

Effect of the Notification

Requirement of a specific approval letter from M/o Finance for import of Currency Note Paper/Security Printing Paper has been dispensed with, subject to submission of a certificate of import from the head of the Units of SPMCIL and BRBNMPL to Customs, for clearance of such imports and subject to Actual User condition.