China printing currencies for countries like Nepal, Lanka and B'desh

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In the last 24 hours, rumor mills were abuzz with reports that Indian currencies has been printed in China.

Two years later China began printing money for Nepal, and today foreign customers of China's industry now also reportedly include Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil, and Poland as well as possibly others that have not been disclosed, a source in the corporation said.

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", the person said. "Indian currency notes are being and will be printed only in Indian Govt and RBI currency presses", Department of Economic Affairs (DEA) secretary Subhash Chandra Garg told ANI.

According to South China Morning Post, India is one among the many countries that have outsourced currency printing to China.

The Opposition was quick to seek a clarification from the government with Congress leader Shashi Tharoor in a tweet asking Union ministers Arun Jaitley and Piyush Goyal to clarify.

However, if a report from a Hong Kong-based news daily is to be believed, a company owned by the Chinese government has won contracts for printing currency from India.

China's attitude towards printing currency marks a change from previous low demand for printing as Chinese citizens have turned to using their phones rather then cash.

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Many countries such as Denmark prefer to outsource the printing of their currency due to the cost involved. He added that the move could also make it easier for Pakistan to produce counterfeit currency. Chadha went on to dub the Modi government's demonetisation move as "wasteful and dubious" in making India a cashless economy and said that similarly, the decision of outsourcing the printing of Indian notes to China is "counter-productive and risky".

Which is this Chinese company which is claiming to publish Indian currencies?

Apart from India, the report cites instances of Thailand, Bangladesh, Sri Lanka, Malaysia, Brazil and Poland awarding contract to China Banknote Printing and Minting Corporation amidst a huge spike in currency demand from countries.

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

The South China Morning Post had reported that there has been a recent surge in printing of notes in money production plants across the country.

Opposition says BJP-led government compromising national security, financial sovereignty; government denies report.

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