Finance Ministry Denies Links With Tainted UK Note Printing Company

Following reports in sections of media stating that the Union Government has compromised the national interest by collaborating with a tainted UK based Note Printing Company, a statement from the Ministry of Finance denied that the company is in any way involved in printing new currency notes.

A report in November by Sabrangindia.com alleged that the blacklisted company, De La Rue (now renamed KBA Giori) for its reported involvement in the Panama papers scam, was still supplying paper for new notes. It was blacklisted following an investigation by the CBI in 2011 for its alleged role in dealings of counterfeit currency.

Clarifying on such reports, the ministry said, the UK firm had been supplying bank note paper till 2010 and as per the decision taken in 2013, the company was permitted to supply a security feature for bank notes till December 2015.

No fresh contract has been given to this company by the Government during the last three years, it said. The Security Clearance for this company has been withheld by the Ministry of Finance, Government of India and hence no fresh orders have been placed with the said company since 2014.

However, the company has applied for setting-up a factory in India and no action has been taken on their application, it added.