Alibaba Owned Newspaper Claims Indian Currency Is Made in China; Govt. Denies!

Capture

During the destruction of Libya and Muammar Gaddafi by the West seven years ago, the British government seized $1.5 billion Libyan dinars originally produced for the the dictator by British currency printer De La Rue, which sparked shortages in the country and put pressure on the regime.

The finance ministry has rubbished reports that a Chinese currency printing corporation being given contract to print Indian currency notes.

The news spread quickly on social media, prompting outrage over how this could endanger national security.

Congress leader Shashi Tharoor asked Union minister Arun Jaitley and Piyush Goyal to clarify on the issue.

Alibaba owned newspaper: South China Morning Post has published an article, which claims that a Chinese currency printing company has received order to print currencies of several countries, including India.

The government on Monday rejected reports that a Chinese company has won a contract to print Indian currency. Not to mention making it easier for Pak to counterfeit.

"Two years later, China started printing 100-rupee notes for Nepal, Liu wrote in a journal of China's central bank in May. As China becomes bigger and more powerful, it will challenge the value system established by the West. Printing money for other countries is an important step", Xingdou said.

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The printing is linked to China's Belt and Road Initiative which has seen China build infrastructure and invest in around 60 countries from Europe, Asia, and Africa.

The President of the China Banknote Printing and Minting Corporation, Liu Guisheng, was quoted as saying that his company has since then "successfully won contracts for currency production projects in a number of countries including Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland".

The government has denied reports of an global Chinese media that claimed that China is printing massive amount of foreign currency notes including India.

China is now the only country that can perform the Intaglio style of printing, which involves raising the print simultaneously on both sides of a banknote. "Beijing has regarded money printing capability as being as crucial as its atomic bomb programme to its national security amid fears its enemies could use fake notes to disrupt the economy", the report says.

Currently China is the only country that has the capacity to perform Intaglio, or "raised" printing simultaneously on both sides of a banknote, according to South China Morning Post.

Referring to the report, Mr Chadha said that an undisclosed source was quoted as saying that some governments have asked Beijing "not to publicise the deal because they are anxious such information could compromise national security or trigger unnecessary debates at home".

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