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China printing Massive amount of foreign currency note including India: Report

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China printing Massive amount if foreign currency note including India

China is printing huge amount of foreign currency note including India, China is the world’s second largest producer and consumer of currency note, as per a report in an International Chinese media.

 

Denmark and other many countries prefer to outsource the printing of their currency due to the cost involved , for producing currency note fine cotton and lines fibres are first turned to pulp.

 

India imports watermarked paper for currency notes form many companies such as Germany’s Giesecke & Devrient and Britain’s De Lu Rue.

According to Liu Guisheng, President of the China Banknote Printing and Minting Corporation , China did not print foreign currency until recently.

However in 2013, Beijing launched the belt and road plan with an aim to link Southeast Aisa, Central Asia , the Gulf Region, Africa and Europe with a network of land and sea routes.

 

He said that, Since then the company had “seized the opportunities brought by the initiative” and successfully won the contracts for currency production projects in a number of countried including Thialand Bangladesh, Malaysia, India, Sril Lanka, Poland and Brazil.

Congress leader Shshi Tharoor has revealed his concerned that the news, if true, could have national security implications. Meanwhile there has been no reaction from the government authorities so this yet.

 

It may be recalled that India’s banks received an all time high amount of fake currency and also detected an over 480 per cent jump in suspicious transactions post demonetization, a first ever report on dubious deposits in the wake of the 2016 note ban revealed in April this year.

Financial Intelligence Unit analysis suspicious financial transaction pertaining to money laundering and terror financing as part of the Union Finance Minister establishment.

Reported that counterfeit witnessed and increase by over 3.22 lakh as compare to the last year.

 

 

Chanchal spends most of his time writing about the latest tech, Entertainment and he can be found watching nature documentaries


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