Chinese official says Indian bank notes are printed in China; RBI denies


Media Sources

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


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.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
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.




Nirmala Thonse organizes Awareness Campaign agains
View More

Veez Konkani Issue # 135Veez Konkani Issue # 135
Cut down your medical expenses. With Manipal Arogya CardCut down your medical expenses. With Manipal Arogya Card
OXEM KITEAK KELEIM DEVA? | (ಅಶೆಂ ಕಿತ್ಯಾಕ್ ಕೆಲೆಂಯ್ ದೆವಾ?) New Konkani video song by DONY&ASHA CORREAOXEM KITEAK KELEIM DEVA? | (ಅಶೆಂ ಕಿತ್ಯಾಕ್ ಕೆಲೆಂಯ್ ದೆವಾ?) New Konkani video song by DONY&ASHA CORREA
Contact for Masks, Sanitizers, PPE kits and More..Contact for Masks,  Sanitizers, PPE kits and More..
LIVE STREAM OF MASSES - Holy week schedule from Abu DhabiLIVE STREAM OF MASSES - Holy week schedule from Abu Dhabi
Choice Furniture vast household showroom opens at Santhekatte, KallianpurChoice Furniture vast household showroom opens at Santhekatte, Kallianpur
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi
Canara Beach Restaurant, Hoode/Bengre, Udupi.Canara Beach Restaurant, Hoode/Bengre, Udupi.
Delite Catering, SanthekatteDelite Catering, Santhekatte
Welcome to Thonse Naturecure HospitalWelcome to Thonse Naturecure Hospital
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
St. Alphonsa of India
Website Maintenance

Website Maintenance

Kemmann.com Face Book

Click here for Kemmannu Knn Facebook Link

Sponsored Albums