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Outsourcing of Currency Printing by Government: Height of Betrayal
The government, unbeknownst to anyone, had outsourced the printing of currency notes to US, UK and Germany – amounting to Rs 1 lakh crores!! The entire economic sovereignty of India was at stake!
The RBI had in 1997-98 outsourced printing of 2,000 million pieces of Rs 100 notes and 1,600 million pieces of Rs 500 notes to US, UK and Germany amounting to Rs 1 lakh crore. The committee, after questioning central bank officials, said the reasons provided were far from convincing.
RBI had said the soilage factor and bad condition of notes resulted in the decision. The panel observed that RBI’ s system of assessment with respect to demands and supply of bank notes in the country was off the mark resulting in a gap.( source)
The three companies to whom the Indian currency was outsourced were American Banknote Company( USA), Thomas De La Rue( UK) and Giesecke and Devrient Consortium( Germany).
On November 3, 2011 a complaint was received by the Central Vigilance Commission( CVC) signed by“ unnamed officers of the Ministry of Finance” – who said that the security was compromised not just by De La