Indian currencies to be printed abroad
Posted on: 27/Dec/2016 11:04:11 AM
There is heavy financial crunch after the government demonetized the currency notes. In view of this, the central government is deciding to print our currencies in foreign countries. In order to abolish the black money, Prime Minister Narendra Modi announced the demonetization on 8th November. Various restrictions were made with regard to withdrawal of money from the bank. There is news that it will take some more time to print the currencies in the government presses. Depositing of Rs 500 currencies in the banks will come to an end on 30th.
In order to overcome the money shortage, the central government is thinking to print the Indian currencies in foreign banks. Indian consulates in European countries are approaching the note printing presses there with regard to this.
India`s embassies in Europe have informally sounded out currency printers to see if the job could be outsourced. Among those contacted are Giesecke & Devrient of Germany and France`s Francois Charles Oberthur Fiduciaire,
The enquiries, made since mid-November, have led to the realization that some of the printers were already printing notes for many countries, including Canada, Britain, Malaysia, Indonesia, Venezuela and the Scandinavian nations. A meeting of secretaries last week decided not to go ahead with the move at this point of timeline 1997-98, the RBI had decided to import notes printed by German, Canadian, American, French and British companies.
The Bank Employees Federation of India general secretary P K Biswas said: Cash shortage will continue even if the four currency note printing presses run at their optimum capacity. It will take four to five months to restore normalcy in cash supply.
