Centre’s note ban move has dealt a severe blow to the country’s war against terrorism in Kashmir and elsewhere.
As per a report in ET, investigating agencies have told the Centre that two main Pakistani presses engaged in printing counterfeit Indian currency are now closed.
The note ban move has resulted a 60 per cent dip in terrorism-related violence in Kashmir during December. Last month, only one bomb blast occurred in the Valley.
Notably, underground operatives always store money in the form of big notes, but that money has become a piece of paper now. Demonetisation made Rs 500 and Rs 1,000 notes invalid overnight, and this also took ‘old’ counterfeit notes or Fake Indian Currency Notes (FICN) out of circulation.
In the world of terrorism, cash transaction is the norm. Now purchasing large quantities of arms, ammunition, and explosives from the black market, would be extremely difficult.
Likewise, carrying illegal transactions and not leave a paper trail would now become a thing of the past. All this means that the terror economy has suffered a deadly blow.
At the same time, the report suggests that the call traffic by hawala agents in India fell 50 per cent, as per the assessment of the impact of demonetisation in the past 30 days.
The extra security features in the new currency notes also leaves the counterfeit notes makers from across the border jobless.
According to the National Crime Records Bureau (NCRB), in 2015, various law enforcement agencies seized 1,78,022 pieces of fake Rs 1,000 notes. This means Rs 17 crore fake notes, which were in circulation could be calculated as they could be seized. Likewise, in 2015, as many as 2,99,524 pieces of Rs. 500 fake notes were seized.
The fake notes can be detected only when they enter the banking system. If it is in circulation in the open market, then it’s hard to calculate the number.
According to a government official, in 90 per cent of the cases, fake currency was pumped in through the land route from Bangladesh. Manufactured in Pakistan, an organised group pushes the fake notes reach Bangladesh through air and sea route.