Nepal has handed over the printing of its 1,000-rupee denomination currency notes to China and the first batch of the new notes has been "safely delivered" to the country, according to state media reports here today.
The first batch of 28.4 billion rupees in Nepal's highest denomination, printed by China Banknote Printing and Minting Corporation (CBPM), was delivered on January 16, CCTV News reported.
The new banknotes were safely transported to Nepal from Nanchang in southeast China's Jiangxi province within five months of it giving a contract to the Chinese corporation.
CBPM, a state-owned company under the direct leadership of the People's Bank of China, earned the contract to print 200 million 1,000-rupee notes in August 2016.
Li Zheng, general manager of Nanchang Banknote Printing Company, a branch of CBPM, said the whole printing process was localised, including materials and technology.
The notes were printed in the same workshop as Chinese RMB are produced, state-run People's Daily reported.
"The printing of the notes requires precise anti-counterfeiting and design technology, while their successful delivery indicated China's high standards for banknote printing and minting," the report said.
China itself faces serious problems of counterfeit notes with regular complaints about fake money, especially drawn money from ATMs.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)