A controversy has sparked in India whether China was given the license to print currency in past following an article titled “Why other countries are giving China a license to print money”.
It is learned from the article that China is printing foreign currencies on a huge scale and this is a strategy of Beijing to have good influence on world economy and geopolitics.
Guisheng-led China Banknote Printing and Minting Corporation is a state-owned company in the country and alleged to have won currency production contracts for India, Sri Lanka, Bangladesh, Thailand, Malaysia, Poland, Brazil and several more countries under the umbrella of “Belt and Road Initiative.”
Reserve Bank of India (RBI) has for long maintained its stand that country’s currency will only be printed inside the Indian territories.
Meanwhile, the conversation has been sparked on Twitter doubting India has outsourced currency printing job to China in recent years and Congress MP Shashi Tharoor tweeted such deal could have “disturbing national security implications”.
The article was published in South China Morning Post (SCMP) and RBI has denied such claims of the Chinese media.
The “Belt and Road” plan was launched in 2013 by China and about sixty Asian, European and African countries were involved in it that was a global development blueprint mainly focusing on boosting up the economic growth with large-scale capital investment and infrastructure construction projects.