Arvind Mayaram former Secretary, Ministry of Finance, Dept of Economic Affairs. File
| Photo Credit: Bijoy Ghosh
NEW DELH The Central Bureau of Investigation (CBI) on Tuesday (April 7, 2026) examined former Department of Economic Affairs (DEA) Secretary, Arvind Mayaram, in a case alleging corruption in a contract for supply of exclusive colour shift security thread for Indian currency notes, according to agency officials.
The CBI had registered the First Information Report (FIR) in January 2023 allegedly involving Mr. Mayaram and unknown officials of the Finance Ministry, Reserve Bank of India (RBI), and De La Rue International Limited (United Kingdom).
According to the FIR, the CBI received a complaint from the DEA on February 14, 2017, based on which it conducted a preliminary enquiry and found that the agreement had been extended four times till December 31, 2015.
Recording the sequence of purported events, the FIR said that on July 17, 2004, the then Finance Minister authorised the RBI to enter into an “exclusivity agreement” with the supplier. The first agreement — for a five year period — was signed with De La Rue on September 4, 2004.
However, as alleged, the company did not have patent for the colour shift thread at the time of its presentation in 2002 and selection in 2004. The FIR alleged that the agreement was signed without verification of patent claim of De La Rue and that it did not have any termination clause.
The RBI, in April 2006, and the Security Printing and Minting Corporation of India, in September 2007, had submitted reports in this regard. However, the contract was extended from time to time till December 31, 2012.
On May 10, 2013, Mr. Mayaram, as then the DEA Secretary, was informed that the contract with De La Rue had expired. On June 23, 2013, he approved a three-year extension, it was alleged.
Published – April 08, 2026 03:40 am IST
