The India Currency Printing Press system supplies every banknote in circulation across the country today, operating from four locations — Nashik, Dewas, Mysore, and Salboni. But the story of the India currency printing press starts more than a century earlier, when every Government of India banknote was designed and printed thousands of miles away, in England. The India Currency Note Press at Nasik Road, established in the 1920s, was the country’s first step toward printing its own money domestically. What began as a single Indian Currency Note Press in present-day Maharashtra eventually grew into the four-press Indian currency printing press network that supplies India’s currency today.
This article covers where Indian currency is printed now, who prints the currency notes in India, the full history of the India Currency Note Press at Nasik Road, the three presses that followed it, and how collectors can identify which press printed a given note using its inset letter.
Table of Contents
Where Is Indian Currency Printed Today?
The India currency printing press network currently consists of four currency printing presses, each producing banknotes for circulation:
- Currency Note Press (CNP), Nashik, Maharashtra — the oldest of the four, which began full operations in 1928
- Bank Note Press (BNP), Dewas, Madhya Pradesh — the second press, established to expand printing capacity
- Bank Note Press, Mysore, Karnataka — established in the 1990s to meet rising demand
- Bank Note Press, Salboni, West Bengal — the newest of the four, also established in the 1990s
Ownership of these presses is split between two organizations. The Nashik and Dewas presses are operated by the Security Printing and Minting Corporation of India (SPMCIL), a Government of India-owned corporation under the Ministry of Finance. The Mysore (officially Mysuru) and Salboni presses are operated by Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly owned subsidiary of the Reserve Bank of India, established in 1995 specifically to boost the country’s banknote production capacity.
It is worth noting that Nashik is also home to a separate facility, the India Security Press (ISP), which is distinct from the Currency Note Press. The ISP prints postage stamps, passports, and other government security documents rather than currency, and should not be confused with the CNP when researching Nashik’s role in Indian banknote production.
The remainder of this article traces how this four-press system came to exist, beginning with the era when India had no domestic printing capability at all.
Printing in England — Before India Had Its Own Press
Before the introduction of Government of India paper currency, the monetary system in India relied mainly on coins issued by the East India Company. Gold, silver, and copper coins circulated across the subcontinent and formed the basis of trade and taxation during the early colonial period. Among the best-known issues were the uniform 1835 coinage of King William IV and the later Queen Victoria series introduced from 1840 onward.
Paper money, however, had already begun to appear in India during the late 18th and early 19th centuries. Several private and commercial banks issued their own banknotes for regional circulation, including institutions such as the Bank of Hindostan, the Commercial Bank, the Union Bank, and the Oriental Bank. Their notes were primarily used in major trading centers and represented some of the earliest examples of paper money used in India.
The three Presidency Banks — the Bank of Bengal, the Bank of Bombay, and the Bank of Madras — also issued their own paper currency. These notes circulated mainly within their respective regions and became widely accepted in commercial transactions. However, there was no single standardized paper currency system across British India. Different banks used different designs, denominations, and issuing practices, making interregional trade and administration more complicated.
As British control expanded across India during the 19th century, the need for a centralized paper currency system became increasingly important. This need for monetary uniformity eventually led to the Paper Currency Act of 1861, one of the most important developments in the history of Indian banknotes. The Act granted the Government of India the exclusive right to issue paper currency, ending the note-issuing powers of the Presidency Banks and introducing a centralized system that could circulate across the country.
Following the Act, the Government of India began issuing standardized banknotes valid throughout British India. These early issues featured the portrait of Queen Victoria and represented the beginning of official Government of India paper money, printed by the Bank of England. In 1867, the Government introduced the famous uniface notes, printed only on one side, also produced by the Bank of England. These notes became an important part of late 19th-century Indian paper money and circulated widely throughout British India.
During the early 20th century, printing responsibilities gradually shifted to Thomas De La Rue & Company, one of the world’s leading security printing firms. The company printed the well-known King George V portrait notes, including the iconic British India One Rupee note introduced in 1917. These portrait issues became some of the most recognizable and historically significant banknotes of the colonial era.
Although the Paper Currency Act successfully centralized note issuance, it also created a long period of dependence on overseas printers. For decades, Britain continued to design and print Indian currency notes before shipping them to India. Over time, the costs, logistical difficulties, and security risks associated with this system strengthened the case for establishing a currency printing facility within India itself.
The Birth of the India Currency Note Press at Nasik Road
The Government of India established the India Currency Note Press at Nasik Road in the 1920s to print its own currency notes domestically. The establishment of the press marked a major milestone in the history of Indian paper money. For the first time, India developed the infrastructure required to produce its own banknotes within the country instead of relying entirely on British security printers. Located in present-day Maharashtra, the press became the foundation of India’s modern currency printing system and played a central role in the evolution of Government of India banknotes.
Nasik quickly evolved into a vital hub for regional currency architecture, printing banknotes for several other countries, including Bhutan, Ceylon, Iraq, Nepal, and Burma. Notably, its work for Burma included printing the iconic Reserve Bank of India notes issued for circulation in Burma and known to collectors as the Burma Peacock banknotes.
Why India Needed Its Own Currency Note Press
By the early 20th century, British India had become heavily dependent on British firms for the printing of its currency notes. Government of India banknotes were produced overseas and transported thousands of miles by sea before entering circulation in India. Although the system provided access to advanced printing technology, it also created several serious problems for the colonial administration.
One of the biggest concerns was security. Large consignments of printed banknotes had to be shipped from Britain to India, exposing them to risks such as theft, wartime disruption, transportation delays, and maritime losses. These concerns became even more significant during World War I, when global shipping routes faced increasing uncertainty.
The cost of overseas printing was another major issue. Printing currency notes abroad involved substantial expenses related to production contracts, secure transportation, insurance, and storage. As the Indian economy expanded and the demand for paper currency increased, these costs continued to rise.
At the same time, the Government of India had limited flexibility when relying on foreign printers. Any changes to note designs, denominations, or production volumes depended on overseas schedules and contracts. Establishing a domestic printing facility would allow greater control over currency production and improve the ability to respond quickly to changing monetary requirements.
Technological progress also made domestic printing increasingly feasible. By the 1920s, the administration believed India possessed the infrastructure and technical capability needed to handle secure currency printing locally. The growing experience gained through printing government documents and other secure materials strengthened confidence that India could eventually produce its own banknotes.
These economic, logistical, and strategic considerations ultimately convinced the Government of India to establish an Indian Currency Note Press. After evaluating several locations, the administration selected Nasik Road in present-day Maharashtra as the site for India’s future banknote printing facility.
Why Nasik Road Was Chosen
After deciding to establish a domestic Currency Note Press (CNP), the Government of India needed a location that could support secure banknote production and long-term expansion. Following careful evaluation, Nasik Road in present-day Maharashtra was selected as the ideal site for the new printing facility. Several important factors influenced this decision.
Favorable Climate. Banknote printing required stable environmental conditions for storing specialized paper, inks, and precision machinery. Excessive humidity and extreme temperature fluctuations could damage paper stock and interfere with printing quality. Nasik Road offered a relatively moderate climate, making it well suited for secure printing operations.
Strong Railway Connectivity. Nasik Road was located on an important railway route connecting major cities and administrative centers across British India. Efficient transportation was essential for moving machinery, raw materials, and finished currency notes securely throughout the country. The railway network also made it easier to transport technical staff and equipment to the site.
Security Advantages. Security was one of the most important considerations in selecting the location. Since the facility would handle the printing of currency notes, the government preferred a site away from densely populated commercial centers where risks of theft, sabotage, or political unrest could be more difficult to manage. Nasik Road provided a balance between accessibility and isolation, offering greater operational security while still maintaining strong transportation links with the rest of India.
Space for Expansion. The government also required sufficient land for building the press complex, staff quarters, storage facilities, and supporting infrastructure. Nasik Road offered enough space to develop a large self-contained printing establishment capable of future expansion.
The selection of Nasik Road marked a major step toward domestic banknote production in India. Once the site had been finalized, the Government of India moved quickly to begin construction and prepare for the establishment of the India Currency Note Press.
Establishment of the India Currency Note Press
Following the successful 1923 demonstration, the Government of India moved quickly to develop the Nasik Road site. The Currency Note Press was formally opened in September 1924, and extensive work followed to install machinery, prepare secure production areas, and build the surrounding infrastructure needed for large-scale printing operations.
Construction of the dedicated press building officially began in August 1926. By this stage, the Government of India had committed significant financial resources toward building a modern printing establishment capable of producing Indian currency notes domestically. The total project cost eventually reached approximately Rs. 20 lakhs, a substantial amount during the 1920s.
Specialized machinery and printing equipment were imported to meet the strict standards required for banknote production. The facility was designed with strong security controls and carefully planned operational systems to support the printing, inspection, storage, and distribution of currency notes.
The India Currency Note Press commenced full operations in 1928, giving India its first domestic banknote production facility and ending decades of reliance on overseas printers.
The Other Indian Currency Printing Presses
Nasik Road remained India’s only currency printing facility for decades, but rising demand eventually made a single press insufficient to supply the country. Over the course of the 20th century, three additional India currency printing press facilities were established to expand capacity — one in central India and two under the Reserve Bank of India’s own subsidiary.
Bank Note Press, Dewas (Madhya Pradesh)
The Bank Note Press (BNP) at Dewas, Madhya Pradesh, was established as India’s second currency printing facility, expanding the country’s domestic printing capacity beyond Nasik Road. Like the Currency Note Press at Nashik, BNP Dewas is operated by the Security Printing and Minting Corporation of India (SPMCIL).
BNP Dewas also houses an ink factory, which produces the specialized security ink used at the Dewas printing unit. This gives the press a degree of self-sufficiency not shared by the other three facilities, reducing its dependence on external ink suppliers for a critical, security-sensitive input.
Bank Note Press, Mysore (Karnataka)
By the late 1980s, India’s growing economy and expanding currency requirements had outpaced the printing capacity available at Nashik and Dewas. To close this gap, the Government of India initiated a project for two new banknote printing presses, which was transferred to the Reserve Bank of India in December 1989. The RBI established Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) in 1995 to carry out the project and operate the new facilities.
The Mysore press was developed in two phases. Phase I established a smaller “Mini Press” with a single production line, used to test new work methods and train personnel ahead of full-scale operations. This mini press went operational in June 1996. Phase II then established the full Main Press, with seven production lines, and all seven lines came fully on stream on 12 May 1999.
Bank Note Press, Salboni (West Bengal)
The Salboni press followed the same two-phase development model as Mysore, under the same BRBNMPL project. Its Phase I mini press became operational in December 1996, slightly behind Mysore’s. The full Main Press at Salboni, built with eight production lines — one more than Mysore’s — was inaugurated on 12 February 2000, making it the newest of India’s four currency printing presses.
Between them, the Mysore and Salboni presses — both owned by BRBNMPL, the RBI’s printing subsidiary — supply the remaining share of India’s currency notes not produced by the SPMCIL-owned Nashik and Dewas presses.
How to Identify Which Press Printed Your Note — Inset Letters
Collectors examining Indian banknotes will often notice a single capital letter printed just behind the serial number panel, on the front of the note. This is the inset letter, and it is one of the simplest tools available for identifying details about a specific note — but its meaning has changed significantly over time, and understanding both roles matters for accurate attribution.
The Old Role: Marking a Restart of the Serial Block
Inset letters were first introduced on the King George VI 1 Rupee note — a different, later issue from the King George V One Rupee note discussed earlier — making it the first Indian banknote to carry this feature.
Notes with a black serial number (BNB B151a / Pick 25a) were printed without any inset at all, using prefixes A to Z (excluding I and O). Later printings of the same note introduced inset letter ‘A’ alongside a black serial number (BNB B151c / Pick 25c) using prefix W and a green serial number (BNB B151d / Pick 25d) using prefixes A to W (excluding I and O). For a deeper look at the note that started it all, including its black, green, and red serial number varieties, see our guide to the British India 1 Rupee Note.
In this earliest use, the inset letter did not identify a printer at all. Its original purpose was to mark a restart of the serial number block. When a prefix and serial number combination reached the end of its usable range, printers would begin a new cycle of serial numbers using the same prefix letters. Adding an inset letter distinguished this second cycle from the first, preventing two genuinely different notes from appearing to share an identical prefix-and-serial combination.
For example, a note printed with prefix “A” and no inset represented an earlier serial block than a note printed with prefix “A” and inset “A” — the inset signaled that the numbering had cycled back around using the same prefix letter a second time.
This restart-of-block function remained the primary role of the inset letter for decades until the Mahatma Gandhi Series notes issued in 1996.
The New Role: Identifying the Printer
Beginning in the mid-1990s, as the Mysore and Salboni presses came online alongside the existing Nashik and Dewas facilities, the inset letter took on an entirely new and more useful role for collectors: identifying which of India’s four presses printed a specific note.
Twenty letters are currently used as insets under this system, divided among the four printers as follows:
| Printer | Inset Letter |
|---|---|
| BRBNMPL, Mysore, Karnataka | None, A, B, C, D |
| Bank Note Press, Dewas, Madhya Pradesh | E, F, G, H, K |
| Currency Note Press, Nashik, Maharashtra | L, M, N, P, Q |
| BRBNMPL, Salboni, West Bengal | R, S, T, U, V, W |
| Unused | I, J, O, X, Y, Z |
Under this system, a collector can check a note’s inset letter, cross-reference it against the table above, and determine with reasonable confidence which of the four presses produced that specific note — a small but genuinely useful piece of information for anyone documenting varieties or building a collection organized by printer.
How India’s Currency Printing System Works Today
India’s four currency printing presses operate under two parent organizations. SPMCIL, which owns the Nashik Currency Note Press and the Dewas Bank Note Press, is a Government of India-owned corporation under the Ministry of Finance’s Department of Economic Affairs. Beyond currency, SPMCIL also handles coin minting, postage stamps, non-judicial stamp papers, and passport and visa production through its wider network of mints and security presses.
BRBNMPL, which owns the Mysore and Salboni presses, is a wholly owned subsidiary of the Reserve Bank of India, established specifically to boost the country’s banknote printing capacity beyond what SPMCIL’s two presses could supply alone.
Under Section 22 of the Reserve Bank of India Act, 1934, the RBI holds the sole authority to issue and circulate currency notes in India, while the Government of India retains authority over coinage under the Coinage Act, 2011 — with the exception of the 1 Rupee note, which is issued by the Government of India rather than the RBI and is legally classified as a coin. The volume of notes printed across all four presses in a given year is determined by RBI projections for GDP growth, inflation, and the pace of electronic transactions, coordinated through the RBI’s regional offices before fresh notes are distributed nationally.
Legacy of the India Currency Note Press
The establishment of the India Currency Note Press at Nasik Road marked a turning point in the history of Indian banknotes. What began as an effort to reduce dependence on British security printers eventually became the foundation of India’s modern currency printing system — a system that, a century later, spans four presses across four states.
Before the creation of the press, Government of India notes were printed overseas by institutions such as the Bank of England and Thomas De La Rue & Company. The development of a domestic printing facility allowed India to gradually gain greater control over the production of its own currency notes and reduced the logistical challenges associated with importing banknotes from Britain.
The Currency Note Press at Nasik Road also played an important role in strengthening India’s technical expertise in banknote production. Specialized printing machinery, engraving techniques, quality control systems, and security procedures developed at the facility helped establish the operational standards that later guided the development of the Dewas, Mysore, and Salboni presses.
Today, the India Currency Note Press stands as a landmark in Indian numismatic history — the facility that ended a century of dependence on overseas printers and laid the groundwork for a fully domestic currency system. Its legacy lives on in the operational standards, security protocols, and technical expertise that Dewas, Mysore, and Salboni inherited when they came online decades later, completing the network that prints India’s currency today.
