China printing rupees? Govt denies claims as report raises concerns

India might be opposed to China's One Belt, One Road initiative, seen as a potential infringement on its sovereignty.

The opposition was reacting to a news report in the South China Morning Post Sunday, which claimed that India was among a number of countries that had granted the state-owned China Banknote Printing and Minting Corporation permission to print currency notes. "Indian currency notes are being and will be printed only in Indian Government and RBI currency presses", Subash Chandra Garg, Secretary, Department of Economic Affairs, was quoted as saying by news agency ANI.

While the government has come forward with an explanation, the Reserve Bank of India's silence on the report has raised a few eyebrows.

Party MP Shashi Tharoor also tweeted that if the report was true, it would have "disturbing national security implications". "Not to mention making it easier for Pak to counterfeit", the Congress leader tweeted quoting another tweet carrying SCMP report.

An article in South China Morning Post titled, "Why other countries are giving China a licence to print money", has said that a Chinese state-owned company, China Banknote Printing and Minting Corporation, has been contracted to print currencies on huge scale of worldwide countries including that of India. India has been opposed to China's Belt and Road initiative since its genesis.

The Indian government has denied a report that a Chinese company would be printing its currency notes, calling it "baseless" amid social media outrage.

The report, published by South China Morning Post, claims that China Banknote Printing and Minting Corporation has been running to full capacity, despite registering a fall in the local demand owing to a rise in mobile payments in the recent years. He further said, the company had "seized the opportunities brought by the initiative and successfully won contracts for currency production projects in a number of countries including Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland". However, that changed in 2013 with Beijing launching the belt and road plan, involving about 60 countries from Asia, Europe to Africa.

"Two years later, China started printing 100-rupee notes for Nepal, Liu wrote in a journal of China's central bank in May". It was this report, which prompted Congress leaders to accuse the government of compromising with the security of the nation today.

The Financial Intelligence Unit (FIU), that analyses suspicious financial transactions pertaining to money laundering and terror financing as part of the Union Finance Ministry establishment, reported that counterfeit currency transactions in the banking and other economic channels witnessed an increase by over 3.22 lakh instances during 2016-17 as compared to the previous year.

Related News:



Most liked

Turkey Financial Crisis: Stocks at Record Low as Lira Plunges Again
The country has a debt in dollars and other foreign currencies accounting for a half of its gross domestic product. Erdogan was inaugurated in July under a new system which entirely dispensed with the office of prime minister.

Sevilla vs Barcelona: Dembele wins Spanish Super Cup for LaLiga champions
This is also the first year that the trophy will be decided over one game , with the Super Cup previously a two-legged affair. Lionel Messi won his 33rd title with Barcelona on Sunday to become the most successful player in the Catalan club's history.

Nicki Minaj Leaves Stephen Colbert Flustered With Flirty Rap
Queen is the fourth studio album by Minaj and was released on Friday by Young Money Entertainment and Cash Money Records. Minaj said one of them was a "little irritated" but she explained that she loves him and he now understands.

Liverpool’s Mo Salah referred to police for ‘using phone while driving’
Salah chooses to continually ignore them as they desperately chase his auto down the road. Fans, including kids, were jostling for the forward's attention, which he paid none.

Turkey promises to calm market jitters over lira nosedive
Tensions between the USA and Turkey , both North Atlantic Treaty Organisation allies, have reached new heights in the past week. European stock markets are expected to open higher, having been dragged down by Turkish worries on Monday.

ConCourt rules #ShaunAbrahams's appointment as NPA head invalid
Also in accordance with the high court's decision, the appointment of Abrahams in Nxasana's stead was declared invalid. President Cyril Ramaphosa has three months to appoint a new head of the National Prosecuting Authority (NPA).

Lindsay Whalen To Retire From WNBA after 2018 Season
Minnesota Lynx guard Lindsay Whalen announced her plans Monday that she will retire from the WNBA after the 2018 season. The 15-year veteran has four WNBA championships, including a 2017 title won over the Los Angeles Sparks.

World equities slip on Turkey currency woes
EMini futures for the S&P 500 edged up 0.2 percent, while 10-year Treasury yields held at 2.88 percent. Japan's Nikkei led the early running with a gain of 1.0 percent, while Australia added 0.4 percent.

Elon Musk Responds To Azealia Banks' Claims Of Ghosting, Tweeting, And LSD
Stereogum has reached out to all three parties for comment and will update this post when we receive a response. A spokesperson for Tesla told Jalopnik that Banks' claims were " complete nonsense ".

Rockets' James Harden allegedly involved in Scottsdale nightclub incident
James Harden's offseason took an interesting turn after he was named in a police report following an altercation at a nightclub. She says at some point Harden noticed she was videotaping the action and demanded that she delete what was recorded.

#GamingBytes: 5 most exciting suits in Spider-Man 2018
Spider-Man is also more popular than ever given his introduction into the Marvel Cinematic Universe. This version of the classic villain sports a cybernetic suit which looks quite menacing.

Meghan's Dad Hung Up While Harry Was Blasting Him
Thomas Markle completely disregarded Prince Harry's advice and went on to stage these photos of him getting measured for a suit . Because their dad Thomas Markle gave yet another interview with the press during which he delivered a lot of complaints.

Erdogan vows action against 'economic terrorists' over lira plunge
Albayrak described the Lira's weakness as "an attack", echoing President Erdogan, who is his father-in-law. The lack of interest-rate action has coincided with a marked worsening of Turkey's relations with the US.

Lenovo unveils its thinnest and lightest professional notebook
The P1 is available in multiple configurations and offers the choice of Intel 8th-gen Core i5, i7, i9, or Xeon processors . Beneath the slender chassis lies 64 GB of DDR4 memory and a decent 4TB storage , which is still 2GB shy of the P72.

These Ryder Cup choices should be easy for tight-lipped captain
As for the Ryder Cup, Furyk ended up with the same eight players who started the week atop the US standings. Not since Woods won four in a row through the 2001 Masters has anyone won majors at such an alarming rate.