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PAKISTAN WON'T BE ABLE TO COPY NEW NOTES: INTELLIGENCE AGENCIES

10 November 2016 Written by 
Published in News & Events

NEW DELHI: Intelligence agencies vetted the new denominations of Rs 2,000 and Rs 500 notes asserting that its security features will be next to impossible to replicate for Pakistan and organised criminal networks for some time to come.

A top government official without going into the details, told TOI that external intelligence agency Research and Analysis Wing, Intelligence Bureau and the DRI examined the features on the notes being secretly printed for the past six months. The official refused to reveal the number of security features on the notes but said they were difficult to forge.

The intelligence community had earlier informed the government and RBI that Pakistan had a dedicated mint in Peshawar where only fake Indian currency notes, mostly in Rs 500 and Rs 1,000 denomination, were being printed.

Pakistan's intelligence agency ISI, which oversees the mint, uses organised networks including those run by its clients like Dawood Ibrahim, LeT, besides international criminal networks to push fake currency into India.

In a report to government and RBI, intelligence agencies had claimed a few years ago that Pakistan machinery had achieved "zero-error counterfeit capability" in printing fake Indian notes.

According to an estimate, Rs 70 crore worth FICN is pushed every year by Pakistan into the Indian economy, which was used as 'terror fund' and to spearhead disturbances.

MoS for home, Kiren Rijiju, said the government move would lead to closure of fake currency "press" in Pakistan.

Govt's economic terrorism, says PIL

A PIL has been filed in the SC challenging the Modi government's announcement on demonetisation of high denomination notes of Rs 1,000 and 500. "The PM's announcement has come to thwart away the black money, fake currency and terrorism; but at the same time, this economic crisis created at the cost of lives of 1.25 billion Indians, cannot be termed less than 'economic terrorism' in the lives of aam aadmi," the petition said.

Advocates move Bombay high court

Two advocates approached Bombay HC on Wednesday to take suo motu cognisance of the ban on Rs 500 and Rs 1,000 notes. Advocates Jamshed Mistry and Jabbar Shaikh claimed the decision was not legally valid. The judge told the advocates to take up the issue when the court resumes after Diwali vacation. "The last time government banned high value notes in 1978, it came out with an ordinance and an Act," said Mistry.

Read 3255 times Last modified on Thursday, 10 November 2016 07:23
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