In the upcoming meeting with the US on Homeland security this month, India is expected to firm up the logistics that will enable it to receive top-of-the-shelf technology to detect counterfeit currency.
The delegation comprising senior officials from the Union home ministry, National Investigation Agency and Intelligence agencies will examine the system the US has put in place to detect and weed out counterfeit dollars and see if it can be utilised to meet the same end in India.
Suffering badly at the hands of Pakistan’s ISI sponsored printing of Fake Indian Currency Notes (FICN) that are being pumped to the tune of Rs300 crore every year from various routes to fund terror activities and destablise the economy, India is desperately seeking ways to check this menace.
Earlier, India had proposed to the US that if the two largest user countries of currency come together, the suppliers of special currency paper, ink and machines can be deterred from selling the material to the makers of counterfeit currency.
“But before moving further we need to sort out glitches in transfer of technology from the US as one of its conditions — demanding access to the use of equipment at the user country end — is not acceptable to us. We want the US to amend their laws and give easy access to technology with this precondition,” sources said.
The US’ homeland security department, along with other agencies, has put in place a system that enables them to track and modify security features every time they seize fake dollars.
What has surprised the Indian experts is that the US has a whole database of every kind of counterfeit dollar seized till now which it uses continuously to enhance security thereby making counterfeiting very difficult and expensive.
“They (US) have a system through which all the features, to the minutest details, of every seized counterfeit dollar are physically archived. Whereas in our country, the police and security agencies keep seized FICN for evidential purposes and destroysthem later,” a senior official of the delegation said. Trying to fight the menace of fake currency, India too is creating a centralised intelligence database on FICN.