Govt crows fake note success

The smuggling of fake notes has stopped completely across the borders with Pakistan, Bangladesh and Nepal following the November 8 demonetisation, junior home minister Kiren Rijiju claimed today.

By Our Special Correspondent
  • Published 19.11.16
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New Delhi, Nov. 18: The smuggling of fake notes has stopped completely across the borders with Pakistan, Bangladesh and Nepal following the November 8 demonetisation, junior home minister Kiren Rijiju claimed today.

"Smuggling of FICN (fake Indian currency notes) from three international borders -Pakistan, Bangladesh and Nepal - has completely stopped after the announcement of demonetisation by Prime Minister Narendra Modi," he told reporters.

He said fake notes with a face value of Rs 400 crore used to be in circulation at any given time in the country.

A home ministry official said that Rs 70 crore in counterfeit notes was being introduced into the country every year. "The proceeds of illegal sales of drugs, opium and arms have also completely stopped along with hawala transactions," he said.

Intelligence Bureau sources said that security agencies had till June this year seized Rs 12.35 crore in fake notes. Counterfeit currency with a face value of Rs 34.99 crore had been seized last year, while the figures were Rs 36.11 crore in 2014 and Rs 42.90 crore in 2013.

Terror funding in India is estimated to amount to Rs 700-800 crore annually, of which Rs 300-400 crore is used by the Maoists, Rs 20-30 crore by religious extremists and Rs 350-400 crore by the Northeast rebels.