NEW DELHI: Stating that demonetisation of high value Rs 500 and Rs 1,000 currency notes will deal a body blow to the fake currency racket, terror financing and corruption, Minister of State for Home Kiren Rijiju on Wednesday said the move will render the printing press in Pakistan, involved in creating counterfeits, jobless. “The printing press in Karachi and Peshawar will now be jobless due to demonetisation of Rs 1,000 and Rs 500 notes,” Rijiju said here.
The Minister of State for Home said fake currency notes have become one of the major concerns for security agencies now.
To a question on the quantum of fake currency in circulation in the economy, the minister said there are a lot of differences 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, he added. Modi had on Tuesday night announced scrapping of Rs 500 and Rs 1,000 notes.
High quality Fake Indian Currency Notes seized in India and its neighbourhood originate 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 other 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.
Meanwhile, the Finance Ministry has requested the Home Ministry and the states to make necessary arrangements for smooth exchange of banknotes that have now ceased to be legal tender. “To facilitate smooth deposit or exchange of old high denomination banknotes by members of public and in anticipation of increase in activities in banks, amplified cash movements in the... establishments, you are requested that a plan may be chalked out to deal with any unwarranted and/or law and order situation. Adequate and effective arrangements may be made to enable smooth exchange of banknotes. Strict vigil may be maintained on any illicit cash transactions or movement of valuables like gold or high volume banknotes,” the Finance Ministry said in a classified communication to the Union Home Secretary and Directors General of Police of all states and UTs.
Customers seeking replacement of invalid D500 and D1,000 notes will have to provide information in a prescribed easy-to-use format to banks
The sudden demonetising of F500 and F1,000 notes has dealt a body blow to ‘hawala’ and ‘angadia’ operators in Mumbai
The move caused inconvenience to large sections of Mumbaikars in buying essentials and commuting, with the closure of ATMs compound-ing their woes
NCR Corporation, the market leader in the ATM space, said it is working overtime to update the system so that there is “minimum inconvenience” to the public
Devotees visiting the famous Saibaba temple at Shirdi in Maharashtra had a hard time on Wednesday as the D500 and D1,000 notes were not accepted even as donation