Modi govt engaged Chinese company to print Indian currency- “Make In India” overlooked?

The Congress today tried to find an explanation from the government after a report published in South China Morning Post claiming that China Banknote Printing and Minting Corporation has been granted the license to print Indian currency notes as well as currency notes of several other nations.

Congress leader Shashi Tharoor asked Union ministers, Arun Jaitley and Piyush Goyal, to clarify the information whether this is true. “If true, this has disturbing national security implications. Not to mention making it easier for Pak to counterfeit,” he tweeted as he put another tweet with the South China Morning Post report.

Credits: Times Of India

The report, released by South China Morning Post, claims that China Banknote Printing and Minting Corporation has been operating well to full capacity with good effect, despite recording a fall in the local demand due to an inflation in mobile payments in the recent past years.

The report mentioned the president of the China Banknote Printing and Minting Corporation, Liu Guisheng as depicting that his company won contracts for printing currency notes of several countries such as Thailand, Bangladesh, Sri Lanka, Malaysia, Brazil, Poland and India.

According to the report, a large portion of these currency notes is from other nations. So it is true to a great extent that the Chinese currency makes a small portion of the currency notes being processed inside the state-owned currency printing company which is said to be the world’s largest money printer.

It is learnt that the company started the operation of printing “foreign currency” notes in 2013 with an intent to start an economic passage across 60 countries from Asia, Europe to Africa.

The report went on to add that the exact number of countries, who have given a contract to the company to print their currency notes, may be much larger. “But that could be just the tip of the iceberg,” it read.

It was this same report, which triggered Congress leaders to blame the government of compromising with the security of the country now. Congress spokesperson Randeep S Surjewala asked if it is part of China’s masterplan to overtake Southeast Asia.

Hailing from Chennai, Chaithanya G is the Managing Director of TheYouth. He has dedicated his whole life to reading and writing.