Crores of FICN raised eyebrows before note ban

CRORES OF FICN RAISED EYEBROWS BEFORE NOTE BAN

Crores of FICN raised eyebrows before note ban
FICN seized during an earlier raid in city. FILE PHOTO
Demonetisation perfectly timed with choking ways for Pakistan to make a crack in the Indian economy

The demonetisation of currency notes of Rs 500 and Rs 1,000 on November 8 to counter the unaccounted black money in the country also had another aspect —stop inflow of fake Indian currency notes (FICN) by Pakistan.

The central intelligence agencies had come up with information that Pakistan had stashed banknotes papers — sourced from same European companies from where the Reserve Bank of India (RBI) imports majority of papers to print Indian currencies — to print 25,000 crore of Pakistani rupees. However, out of this, it had diverted papers to print FICN of face value of Rs 15,500 crore.

Explaining the modus operandi of Pakistan so far as FICN is concerned, former Pune police commissioner Jayant Umranikar, who had served extensively in Pakistan during his stint with Research and Analysis Wing (RAW), told Mirror, “Both India and Pakistan import paper and ink required for printing notes from same private companies in Europe. This makes easy for Pakistan to print high quality FICN at its security printing presses. The FICNs are mostly pushed into India via open border with Nepal and through Bangladesh. There have been cases wherein FICNs have been brought through diplomatic bags as they could not be checked under the Geneva Convention.”

Confirming that all fake Indian currency notes are printed in Pakistan, NIA spokesperson and inspector- general of police Alok Mittal said, “During our investigation, we found that most of the fake currencies enter India through Bangladesh via Malda in Bengal and Nepal-India border in Bihar and Uttar Pradesh. We do not have actual figure about how much currency is being printed in Pakistan right now. A ministry of home affairs (MHA)-ordered survey by Kolkatabased Indian Statistical Institute (ISI) found out FICN of face value of around Rs 400 crore are present in the market at any given time.”

Information obtained from the RBI under the Right to Information (RTI) Act revealed that between April 2005 and March 2016, a total of 21,50,200 pieces of fake Rs 500 notes and 7,01,904 pieces of fake Rs 1,000 notes were detected at banks. This is in addition to the fake notes of a face value of over Rs 200 crore which have been seized by various investigating agencies in the past six years. “This report had alarm bells ringing in the Delhi power corridors. Prime Minister Narendra Modi along with national security adviser Ajit Doval had been monitoring the situation and at the same time brainstorming was going how to stop FICN from finding their way in Indian economy,” a highly placed source in the MHA told Mirror.

http://punemirror.indiatimes.com/pune/civic/Crores-of-FICN-raised-eyebrows-before-note-ban/articleshow/55673857.cms?prtpage=1

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