Shock ban hits FICN trade along India-B’desh border
With the Centre demonetising Rs 500 and Rs 1,000 notes, the flourishing Fake Indian Currency
Notes (FICN) trade across the border with Bangladesh has taken a huge hit in the last two days.
According to the Border Security Force (BSF) and state police officials, the activity of the FICN traders operating in the border areas has been negligible in the last two days.
“With the demonetisation of Rs 500 and Rs 1,000 notes, the FICN trade has taken a hit in this region. The FICN traders use these high value notes for their trade. We hope that they will be lying low for the next few months,” a BSF official said.
A huge volume of FICN transaction is carried out through the Indo-Bangla border, which is corroborated by the following statistics: since January the BSF seized FICN of the value of Rs 1,35,90,500 along with the arrest of 18 racketeers.
In 2015, the BSF’s South Bengal Frontier seized Rs 2,60,82,000 worth of FICN and apprehended 24 racketeers.
According to security officials, the FICN trade is the financial “lifeline of terror modules” working in India.
“As there is heavy security in the border areas in the western sector, the eastern sector for the last
several years has emerged as the hub of terror groups and a transit point for terror and FICN trade.
The demonetisation will at least put a brake on the illegal trade,” an IB official said.
The 2,217-km border between India and Bangladesh that runs through Malda, Murshidabad, Nadia and North Dinajpur districts are most vulnerable to the illegal FICN trade, according to the BSF official.