China printing currencies for countries like Nepal, Lanka and Bdesh

16 August, 2018, 18:31 | Author: Regina Silva
  • China printing foreign currency

In the last 24 hours, rumor mills were abuzz with reports that Indian currencies has been printed in China.

Guisheng-led China Banknote Printing and Minting Corporation is a state-owned company in the country and alleged to have won currency production contracts for India, Sri Lanka, Bangladesh, Thailand, Malaysia, Poland, Brazil and several more countries under the umbrella of "Belt and Road Initiative".

The Hong Kong-based newspaper, South China Morning Post, reported that most of the demand is coming from participants in the "Belt and Road Initiative" and that Chinese yuan bills only made a small proportion of the orders.

Referring to the report, Chadha said that an undisclosed source was quoted as saying that some governments have asked Beijing "not to publicise the deal because they are anxious such information could compromise national security or trigger unnecessary debates at home".

"He should also answer why was there a need to go to a foreign country to get the currency printed?"

Mumbai: India is printing currency notes in China, says a newspaper report.

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An article in South China Morning Post titled, "Why other countries are giving China a licence to print money", has said that a Chinese state-owned company, China Banknote Printing and Minting Corporation, has been contracted to print currencies on huge scale of worldwide countries including that of India.

Congress MP Shashi Tharoor was quick to tweet that allowing China to print India's currency could have "disturbing national security implications".

Many countries such as Denmark prefer to outsource the printing of their currency due to the cost involved. With more than 18,000 employees, it runs more than 10 strictly guarded facilities for the production of paper notes and coins, the paper said.

RBI is yet to make a public statement on the report.

The company started the process of printing foreign currency notes in 2013, close on the heels of the inauguration of its ambitious belt and road plan, which aims to establish an economic corridor across 60 countries from Asia, Europe to Africa. "Beijing has regarded money printing capability as being as crucial as its atomic bomb programme to its national security amid fears its enemies could use fake notes to disrupt the economy", the report says. "Since then the company had "seized the opportunities brought by the initiative" and "successfully won contracts for currency production projects in a number of countries." the report says. Not to mention making it easier for Pak to counterfeit", Tharoor tweeted as he quoted another tweet carrying the link to the South China Morning Post report.

"Some governments have asked Beijing not to publicise the deal because they are anxious such information could compromise national security or trigger "unnecessary debates at home", the report quotes a person as saying".

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