Why Nepal Started Printing Its Currency Notes In China Instead Of India

Last Updated:November 13, 2025, 15:25 IST

Nepal chose China over India for printing its currency, citing lower costs and advanced technology offered by a Chinese firm that won the global tender

Nepal's currency was printed at India's Security Press in Nashik from 1945 to 1955. (News18 Hindi)

Nepal, which once relied on India to print its banknotes, has since 2015 turned to China for this service. Most of India’s neighbouring countries have similarly moved their currency printing operations to China.

Nepal’s decision to switch from India to China was influenced by economic and political reasons. The Chinese company’s bid was the lowest in a global tender and offered advanced technology. Additionally, Nepal’s new banknotes include a revised map featuring disputed territories with India, making it politically sensitive for India to print them.

Why Nepal Halted Printing Its Currency In India

Nepal’s new currency notes display the disputed regions of Lipulekh, Limpiyadhura, and Kalapani as part of Nepal. Due to these political tensions, India was unwilling to print the notes, prompting Nepal to seek alternatives. The Chinese company not only offered a more affordable and secure printing option but also incorporated modern security features, leading Nepal to choose China for its currency printing needs.

Nepal’s currency was printed at India’s Security Press in Nashik from 1945 to 1955. Over the following decades, Nepal explored other options, although some of its currency continued to be printed in India until 2015. Now, all of Nepal’s banknotes are printed in China.

Why Most Asian Nations Turn To China For Printing Their Currency

China has emerged as a major hub for currency printing in Asia, with Bangladesh, Sri Lanka, Malaysia, Thailand, and Afghanistan also printing their money there.

The Chinese government company, China Banknote Printing and Minting Corporation (CBPMC), now prints Nepal’s currency. Recently, Nepal Rastra Bank awarded CBPMC a contract to design and print 430 million notes of Rs 1,000, a project worth approximately $16.985 million. Due to its limited capacity, Nepal prints most of its currency abroad, and China’s advanced and high-quality printing services make it a preferred choice.

How China Became A Global Hub For Currency Printing

China’s currency printing technology is regarded as highly advanced, offering superior security features and exceptional print quality. CBPMC employs modern security technologies such as watermarks, holographic features, security threads, and colour-shifting ink. The company has also developed a new holographic feature called ‘Colordance’ to prevent counterfeiting and reduce costs.

Founded in 1948, the China Banknote Printing and Minting Corporation (CBPMC), often called the ‘Mint of China’, operates multiple printing presses and mints across the country. It employs around 30,000 to 40,000 people, including designers, engineers, technicians, quality control experts, and security staff.

Global Currency Printing Companies

Several major government and private entities dominate the global currency printing industry. The top government currency printing companies include:

• China Banknote Printing and Minting Corporation (CBPMC): The world’s largest currency printing company, serving many developing countries.
• National Printing Bureau (NPB): Japan’s company, known for its advanced technology and security.
• Goznak: This Russian firm prints not only the ruble but also banknotes for several other nations, particularly former Soviet states. It also specializes in producing high-security documents.
• Bank of England Printing Works (now owned by China’s De La Rue): Now a private firm with printing facilities in the UK, it was first acquired by France’s De La Rue in 2013 and later taken over by the China Banknote Printing and Minting Corporation.
• US Bureau of Engraving and Printing: This US-based company prints dollar bills and operates one of the world’s largest currency printing facilities. However, it exclusively produces US currency and not for other nations.
• India Security Press: These government-owned companies print the Indian rupee on behalf of the Reserve Bank of India (RBI) and are fully owned and operated by the Government of India.

Leading private companies include:

• De La Rue: It is the world’s largest private banknote printer, producing currency for around 140 countries, along with passports and postage stamps. Its currency division has since been acquired by China.
• Giesecke & Devrient: This private German company is a global leader in security printing and banknote production. It prints currency for several countries, including the euro, and is renowned for its advanced security technologies.
• Oberthur: A leading French company that prints banknotes for around 50 countries, known for its high-quality production and innovative security features.
• Crane: This Swedish company, now owned by the American firm Crane, produces banknotes and specializes in security paper and ink. It supplies paper for the US dollar and serves many other nations.
• Fortress: This Australian private company specializes in polymer banknote printing and is a leading supplier for countries shifting from paper to durable polymer currency.

How China Became No. 1 In Currency Printing

China Banknote Printing and Minting Corporation (CBPMC), a state-owned Chinese company, became the world’s leading currency printer after acquiring De La Rue’s banknote printing business. De La Rue, a British firm, was once the largest commercial banknote printer, producing currency for about 140 countries, including the British pound.

Although CBPMC didn’t buy De La Rue outright, its subsidiary, China Group Wingert Printing Company Limited, purchased the firm’s banknote printing unit in 2015 for around £20 million (about Rs 200 crore). The deal included De La Rue’s UK-based facilities, technology, designs, and clients.

Through this acquisition, CBPMC expanded its reach to developed and developing nations across Europe, the Middle East, Africa, and Asia, effectively doubling its global market share. The partnership also gave China control of a brand long trusted by central banks worldwide.

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