A report, 'Why other countries are giving China a licence to print money', in the South China Morning Post has kicked up a controversy with Shashi Tharoor charging that this could have 'serious and disturbing security implications for the country.
Shashi Tharoor has also retweeted Debashish R Chowdhury, the Deputy Editor, This Week in Asia, South China Morning Post.
The report had highlighted that, along with several other countries, India has also allowed China’s state-owned firms to print Indian currency. It goes on to mention that China has been printing foreign currencies on a huge scale, as Beijing seeks to increase its influence on the world economy and geopolitics.
'Since then, the company (China Banknote Printing and Minting Corporation) had seized the opportunities brought by the initiative (Belt and Road Initiative) and successfully won contracts for currency production projects in a number of countries including Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland,' the South China Morning Post quoted the president of a state-owned firm involved in printing Indian currency.
The report sparked a controversy with many people raising doubts on the dubious deal allowing China to print India's currency, especially when the RBI has long-maintained that India's currency is printed only within the country. Meanwhile sources have denied the claims made by South China Morning Post and affirmed that no other country prints Indian currency.
Beijing launched the "Belt and Road" plan in 2013 with nearly 60 countries from Asia, Europe and Africa which was a global development blueprint aimed at boosting economic growth with large-scale capital investment and infrastructure construction projects. The China Banknote Printing and Minting Corporation, the article said, has seized number of opportunities for currency production projects, specifically.