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Saturday, 11 June 2016

Economic terrorism-Fake notes worth Rs 400 crores in circulation

FICN Fake notes worth Rs 400 crores in circulation As per the NIA probe, which has a Terror Funding and Fake Currency Cell, Pakistan is the major supplier of FICN in India. NEW DELHI: 250 in every 10 lakh notes in circulation in India are fake and Rs 400 crore worth of such fake currency is in circulation in the country at any given point of time. The first ever study of counterfeit currency has unearthed fake Indian currency notes (FICN) worth Rs 70 crore are infused into the Indian market every year with agencies only being able to intercept one third of them. These shocking revelations are part of the study on "Estimation of the quantum of FICN in circulation", conducted by the Indian Statistical Institute (ISI) Kolkata, which has asked the government to take "immediate steps", since these figures are only indicative of the extent of the menace. The findings have been accepted by the government and a series of strong measures to counter this 'economic terrorism' is being planned in consultation with the primary FICN detection and probe agency, National Investigation Agency, besides other security and intelligence agencies including CBI, IB, DRI, R&AW and state police departments. The study has further revealed that the detection rate of fake 100 and 500 rupee notes were found to be about the same and higher than the detection rate of 1000 rupee notes by about 10%. It added that fake 1,000 rupee notes constitute about 50% of the total value of FICN. All these anti national activities are possible when we have traitors working for miscreants like ISI ! Pseudo parties are working against the interest of the country The ISI study was based on volumes of FICN detected and cash transaction in the banking sector. The study said that "the detection of FICN is carried out primarily by commercial banks. However, their reporting is irregular too and only three banks - Axis, HDFC and ICICI report about 80% of the detection". ISI, however, concluded that "the existing systems of seizure and detection are enough to flush out the quantum of FICN being infused". The institute says that if detection can be improved, the value of FICN in circulation can be reduced by at least 20% annually. As per the NIA probe, which has a Terror Funding and Fake Currency Cell, Pakistan is the major supplier of FICN in India. "In 2015 alone, some 9-10 cases have come to the notice where FICN has come by sea or air from Pakistan," said NIA inspector general Alok Mittal. Ordinary citizen need to be educated by Bankers on this and all must make an attempt to identify them and if possible to catch the people who spread this as well ! there is no option but to reform our Police Politicians Honestyy index judiciary''s efficiency index ! At a meeting last month, the RBI Central Board recommended designs for a new banknotes series to the government. A key reason for proposing the new series is that India remains a cash-based economy, and fake currency notes continue to be a huge menace. How big is the fake currency problem? As many as 250 out of every 10 lakh notes in circulation are fake, according to a study conducted by the Indian Statistical Institute. Typically, at any point in time, banknotes with a face value of Rs 400 crore are in circulation in the country. The study revealed that fake currency notes with a face value of Rs 70 crore are infused into the system every year, and law enforcement agencies are able to intercept only a third of them — a fact that is acknowledged by the agencies themselves. The detection rates of fake 100- and 500-rupee notes were found to be about the same or 10% higher than the detection rate of 1,000-rupee notes. The study added that fake 1,000-rupee notes constitutes about 50% of the total value of fake notes. How do these notes find their way to India, and who profits from them? Pakistan’s military spy agency, the Inter-Services Intelligence (ISI), has been raking in an annual profit of around Rs 500 crore by circulating counterfeit notes in India, according to a report prepared by the IB, R&AW, Directorate of Revenue Intelligence and CBI. The ISI has been making a profit of 30-40% on the face value of each counterfeit Indian note produced in Pakistan, according to the report. The cost of printing a Rs 1,000 counterfeit note, for instance, is Rs 39 (the RBI spends Rs 29 to print a Rs 1,000 note), but it is sold at Rs 350-400, according to the report. The total fake notes that came into India in 2010 from abroad was pegged at Rs 1,600 crore, and going by this estimate, the report put the ISI’s total profit at Rs 500 crore. What has the government done to tackle this problem? The government has formed a special Fake Notes Co-ordination (FCORD) Group in the Home Ministry to share FICN information with security agencies of states and the Centre. It has also constituted a Terror Funding & Fake Currency Cell (TFFC) in the National Investigation Agency to investigate terror funding and fake currency cases. Under the Unlawful Activities (Prevention) Act, 1967, effective from February 1, 2013, damage to the monetary stability of India by production, smuggling or circulation of high quality fake Indian paper currency, coin or any other material has been declared an act of terror. Apart from this, the government in August 2015 signed an MoU with Bangladesh to prevent the counter-smuggling and circulation of fake currency notes. This, after it found that smugglers were increasingly using the India-Bangladesh border to smuggle in FICN. Under the MoU, the two countries will share intelligence on such case

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