Chinese official says Indian bank notes are printed in China; RBI denies
Chinese official says Indian bank notes are printed in China; RBI denies
Getting notes printed from China has become popular among developing countries since the sophisticated and costly technology needed for the security features is beyond their reach
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.
A Reserve Bank of India official told Moneycontrol that the report was incorrect and that all Indian currency notes are printed in India.
China only recently started printing foreign currency, primarily after the launch of its Belt and Road Initiative in 2013.
The country has now increased production of currency notes in plants across the country to meet an unusually high quota set by the government this year, the Hong Kong-based paper reported.
Chinese Yuan bills accounted for only a small portion of these orders, an official told the news daily, adding that most of the orders were from countries that have partnered China in its ’Belt and Road Initiative’.
Various employees at currency note manufacturing units across the country claimed that last year was slow in terms of production and output, with many of the plants resorting to printing driving licenses and marriage certificates to prevent the machinery from rusting away.
This can be attributed to Chinese people’s shift to online payment mechanisms, with many using their smartphones as wallets nowadays.
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.
Sources reportedly confirmed that this list could, in fact, be longer.
CBPMC has about 18,000 employees across China and runs more than 10 heavily-guarded facilities. In contrast, the world’s second-largest currency producer, British company De La Rue, had just over 3,000 employees at the end of 2017.
Getting notes printed from China has become popular among developing countries since the sophisticated and costly technology needed for the metallic ribbon, embedded thread, and colour-shifting ink is beyond their reach. China can provide these services at relatively-lower costs.
China is currently the only country that can perform the Intaglio style of printing, which involves raising the print simultaneously on both sides of a banknote. In 2015, Chinese researchers also came up with a holographic feature called ColorDance that could improve a note’s security at a low cost.
All this could be a sign that countries have a considerable amount of trust in the Chinese government as there is always a fear of replication and/or forgery.
India recently pulled out of the Belt and Road Initiative with Prime Minister Narendra Modi asserting that any mega connectivity project must respect sovereignty and territorial integrity of countries.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.
Final Journey of Mrs. Severine Pais (85 years) | LIVE from Milagres, Kallianpur, Udupi

Final Journey of Mrs Lennie Saldanha (89 years) | LIVE from Kemmannu | Udupi

Final Journey of Zita Lewis (77 years) | LIVE from Kallianpur, Udupi

Final Journey of Henry Andrade (83 years) | LIVE from Kemmannu

Final Journey of Mr. Leo Britto (65 years) | LIVE from Mother of Sorrows Church, Udupi

Mount Rosary Church - Rozaricho Gaanch May 2025 Issue

Final Journey of Juliana Machado (93 years) | LIVE from Udyavara | Udupi

Final Journey of Charles Pereira (78 years) | LIVE from Kemmannu

Milarchi Laram, Milagres Cathedral, Kallianpur, Diocese of Udupi, Bulletin - April 2025

Holy Saturday | St. Theresa Church, Kemmannu

Final Journey of Albert Lewis (85years) | LIVE From St Theresa’s Church Kemmannu | Udupi

Final Journey of Bernard G D’Souza | LIVE from Moodubelle

Earth Angels Kemmannu Unite: Supporting Asha Fernandes on Women’s Day

Final Journey of Joseph Peter Fernandes (64 years) | LIVE From Milagres, Kallianpur, Udupi

Milagres Cathedral, Kallianpur, Udupi - Parish Bulletin - January 2025 Issue

Rozaricho Gaanch 2024 December Issue - Mount Rosary Church, Santhekatte

Land/Houses for Sale in Kaup, Manipal, Kallianpur, Santhekatte, Uppor, Nejar, Kemmannu, Malpe, Ambalpady.

Naturya - Taste of Namma Udupi - Order NOW

Focus Studio, Near Hotel Kidiyoor, Udupi


Earth Angels - Kemmannu Since 2023

Click here for Kemmannu Knn Facebook Link
Sponsored Albums
Exclusive
Mangalorean Teen Feryl Rodrigues Shines as May Queen 1st Runner-Up at Indian Club Bahrain [Video]

A Saintly Shepherd of Our Times: A Tribute to Pope Francis

Servant of God – Fr Alfred Roche, Barkur -Closing ceremony of Birth Centenary Celebrations.

"Raav Sadanch" – A Konkani Musical Masterpiece by Young Prodigy Renish Tyson Pinto, Barkur Inspires Youth to Chase Their Passions.

Bishop Rt. Rev. Dr. Gerald Isaac Lobo, Offers the Solemn Thanksgiving Jubilee Mass, in Milagres Cathedral

GOLDEN YEARS, HAPPIER TOGETHER….by P. Archibald Furtado

Parish Level inaugural Badminton Little Flower Cup 2024 held in Kemmannu.

Udupi: Foundation stone laid for the SVP sponsored new house at Kemmannu

KAMBALA – A FORGOTTEN SPORT OF YESTER YEARS…..
