MoS Rijiju says FICN printing presses in Pakistan to shut shop
NEW DELHI: Stating that demonetization of high-value currency notes of Rs 500 and Rs 1000 will give a body blow to fake currency circulation, terror financing and corruption, Union Minister of State for Home Kiren Rijiju on Wednesday said the move will render the printing press in Pakistan involved in counterfeits jobless.
"The printing press in Karachi and Peshawar will now be jobless due to demonetization of Rs 1,000 and Rs 500 notes," he told reporters here.
The Minister of State for Home said fake currency note has become one of the major headaches for security agencies till now.
On a question on the quantum of fake currency circulation in the Indian economy, the minister said there are a lot of variations in the estimates by various agencies. “The quantity of fake currency in circulation is huge....I cannot give a figure,” he said.
To root out corruption, black money must be checked. Prime Minister Narendra Modi’s “bold” step will help strengthen both national and economic security.
Modi last night announced the scrapping of Rs 500 and Rs 1000 notes/.
High-quality Fake Indian Currency Notes (FICN) seized in India and its neighborhood originate only from Pakistan which has created a self-sustaining syndicate in the South and South East Asian region for infusing counterfeit notes into the country. Pakistan often uses third country bases for shipping the fake notes including from Nepal, Bangladesh, Thailand, Malaysia, Sri Lanka and the United Arab Emirates, according to reports with the Union Home Ministry official.