China Printing Foreign Currencies on Massive Scale, Including India

Capture

Capture

A host of countries, including India, have contracts with the Chinese government for printing of currency notes, Liu Guisheng, President of the China Banknote Printing and Minting Corporation (CBPMC), was quoted as telling the South China Morning Post.

Various employees at currency note manufacturing units across the country claimed that a year ago was slow in terms of production and output, with numerous plants resorting to printing driving licenses and marriage certificates to prevent the machinery from rusting away.

"Reports about any Chinese currency printing corporation getting any orders for printing Indian currency notes are totally baseless. Indian currency notes are being and will be printed only at Indian government and RBI currency presses", Garg said.

While the government has come forward with an explanation, the Reserve Bank of India's silence on the report has raised a few eyebrows.

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

In 2015, Chinese researchers won an worldwide innovation award for ColorDance, a new holographic feature that can significantly increase a paper currency's security at lower cost. Not to mention making it easier for Pak to counterfeit. "@PiyushGoyal @arunjaitley please clarify!"

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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.

The report states that the maximum demand is from countries that are part of the "Belt and Road Initiative", after which, China thought of increasing its global influence through printing foreign currency. India has been opposed to China's Belt and Road initiative since its genesis. The report claims that other countries are giving China contracts to print currency notes because it involves hi-tech technology as well as complex security features such as embedded thread, metallic ribbon and colour-shifting ink that require considerable licence fees, which many countries can not afford.

Guisheng confirmed that in 2015, Nepal became the first country to outsource currency printing to China, after which contracts were won from countries including India, Sri Lanka, Thailand, Malaysia, Brazil, and Poland.

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

Zhongchao Special Security Technology, a subsidiary of China Banknote Printing and Minting Corporation is now the world's biggest supplier of security features for banknotes, according to the report citing British banknote manufacturing firm De La Rue.

In comparison, the US Bureau of Engraving and Printing employs a tenth of the staff at two currency factories.

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