China Printing Indian Currency Notes? Report Says Chinese Firm Prints Foreign Currencies on Massive Scale
Is China printing Indian currency? According to a report in Chinese media, the country had attained several contracts and has been printing currency for many countries.
New Delhi, August 13: Is China printing Indian currency? According to a report in Chinese media, the country had attained several contracts and has been printing currency for many countries including India, Thailand, Brazil and Sri Lanka.
According to a report in the South China Morning Post, the country was not printing foreign currency until 2013. The report says that it was after Beijing proposed the Belt And Road Plan that it got contracts for printing Indian currency. Two years later, China started printing 100-rupee notes for Nepal, says the report quoting Liu Guisheng, president of the China Banknote Printing and Minting Corporation.
It says that since then, the currency printing firm has "seized the opportunities brought by the initiative” and has won contracts for currency production projects in a number of countries.
While there has been no word from Indian authorities on this yet, the report goes on to say that this is just the tip of the iceberg and that there are more countries looking at outsourcing printing of currency from China.
(The above story first appeared on LatestLY on Aug 13, 2018 10:58 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).