Millennium Post

India to take US help to track fake notes

India is planning to seek technological cooperation of the US to check the flow of fake Indian currency notes the way Washington does to put a stop of circulation of counterfeit USD. Impressed by the American technology, which has a database of each counterfeit US dollar – photograph, from where it originated, its route of travel and people behind its circulation – India is all set to ask the US to help it curb the menace.

A formal request is expected to be placed during the Indo-US Strategic Dialogue to be held in Washington later this month. The union home secretary R K Singh, besides others, will also attend the crucial meeting.

New Delhi will seek American technology to check the smuggling and circulation of fake Indian currency notes and build its own database of such counterfeit notes.

The move came after the home minister P Chidambaram vowed to came down heavily on those who carry fake Indian currency notes (FICN) and indulge in smuggling of drugs from across the border. 'As far as FICN is concerned, we are worried about it and we will spare nobody who carries them. We will stamp down heavily on those who circulate FICN, and we will punish the traffickers very severely,' he had said last month.

Indian security officials are convinced that the racket of fake notes operates from Pakistan with the support of its intelligence agency Inter-Services Intelligence and the terrorist groups like Lashkar-e-Toiba and is being distribution across India through different modules.

Officials said three nodal centres have been set up for the circulation of fake currency in India – Jammu, Malda in West Bengal and Nepal. The fake notes are mostly in the face value of Rs 500 and Rs 1000 and are packed in bundles of Rs 5,000 and Rs 10,000 for easy transportation. Jammu is the nodal point for covering the western, southern and northern parts of India, while Malda is the conduit point for supply of fake notes to West Bengal, Bihar and central Indian states. The centre in Nepal is used for stocking and distribution of counterfeit notes and smuggling them to Bangladesh for distribution across Assam and the Northeastern states.
Next Story
Share it