Govt rubbishes report that Indian currency is 'Made in China'

Representative Image

Representative Image

China's Banknote Printing and Minting Corporation in Xicheng, which claims to be the world's largest money printer by scale, employs about 18,000 employees in its heavily-guarded paper note and coin making facilities.

Shashi Tharoor tweeted that if this is true, it can have disturbing national security implications.

The Reserve Bank of India has time and again asserted that the country's currency gets printed only within India.

The article also says that Beijing has been asked by some governments not to publicise the deal because they are concerned that such an information could compromise national security and pave the way for unnecessary debates in the respective countries.

Subash Chandra Garg, secretary, Department of Economic Affairs told news agency ANI, "Reports about any Chinese currency printing corporation getting any orders for printing Indian currency notes are totally baseless. "@PiyushGoyal @arunjaitley please clarify!"

As per the rumors, Indian Govt. has outsourced the task of printing notes to a Chinese company, which specializes in printing currencies.

State-owned China Banknote Printing and Minting Corporation (CBPMC) is printing the banknotes of foreign countries at full capacity, company sources report.

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The article also qouted an official saying that Yuan bills accounted for only a small portion of the orders and added that most of the orders had come from countries which have partnered with China in its 'Belt and Road initiative'. India has been opposed to China's Belt and Road initiative since its genesis.

China's attitude towards printing currency marks a change from previous low demand for printing as Chinese citizens have turned to using their phones rather then cash.

The "Belt and Road" plan was launched in 2013 by China and about sixty Asian, European and African countries were involved in it that was a global development blueprint mainly focusing on boosting up the economic growth with large-scale capital investment and infrastructure construction projects.

China is now the only country that can perform the Intaglio style of printing, which involves raising the print simultaneously on both sides of a banknote. "As China becomes bigger and more powerful, it will challenge the value system established by the West. Printing money for other countries is an important step", Xingdou said.

Referring to the report, Mr 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".

Is China Really Printing Currencies Of Other Nations?

The news report claims that China sees printing foreign currencies as an opportunity to increase Beijing's "influence on the world economy and geopolitics".

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