Report claims China printing Indian currency, govt denies

Cornelia Mascio
Agosto 16, 2018

"Indian currency notes are being and will be printed only at Indian government and RBI currency presses", Garg said.

The government on Monday rejected reports that a Chinese company has won a contract to print Indian currency.

Two years later China began printing money for Nepal, and today foreign customers of China's industry now also reportedly include Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil, and Poland as well as possibly others that have not been disclosed, a source in the corporation said.

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 global countries including that of India.

The state-owned China Banknote Printing and Minting Corporation, which is headquartered in Beijing's Xicheng district, describes itself as the world's largest money printer by scale with 18,000 employees and 10 plants for printing paper notes and coins.

Congres leader Shashi Tharoor has expressed his concerns that the news, if true, could have national security implications.

The report further said China is printing foreign currencies as Beijing seeks to increase its influence on the world economy and geopolitics.

Calling the issue a major security threat, Tharoor indicated that this kind of arrangement could give Pakistan an opportunity to supply counterfeit currency notes in India.

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".

Soon after, countries like Sri Lanka, Thailand, Malaysia, Brazil, and Poland gave the contract to this company for printing currencies, and somehow, India's name was added in the list. The Belt and Road initiative involves 60 countries from Asia, Europe which plans to stimulate economic growth with the help of infrastructure and other projects.

RBI sources had clarified that the reports of licensed printing of Indian currency in the South China Morning Post were false. "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.

Hu Xingdou, a professor of economics at the Beijing Institute of Technology, told the South China Morning Post that a nation must have considerable trust in the Chinese government to allow it to print its banknotes.

Opposition says BJP-led government compromising national security, financial sovereignty; government denies report.

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