Mysuru: As per vision of Prime Minister Narendra Modi’s ‘Make in India’ concept, a currency paper production unit has been started in Mysuru by the Reserve Bank of India.

The unit is likely to be inaugurated by Prime Minister Narendra Modi in April.

At present the paper used for printing currency notes is imported from other countries, due to which an expense of Rs 1,280 crore is being incurred.

With the aim of bringing down import of paper for currency notes, President Pranab Mukherjee, who was the then finance minister laid the foundation for the currency paper production unit in 2010.

The paper production unit has been set up in 35 acres land and with the functioning of the paper production unit, the imports of paper for currency notes of India will be reduced by 50 per cent. The unit has been set up at a cost of Rs 1500 crore.

Though Modi was supposed to inaugurate the unit during his visit to Mysuru for Science Convention held recently, the unit could not be opened due to some reason.

Now, the unit is likely to be inaugurated by Modi during the second week of April. The PMO is yet to confirm the date of the inauguration.

The unit has however started running on trial basis and it has 900 employees working as of now.

Central Security Forces are in place to provide security at the unit and over 110 security personnel are deputed on duty as of now.