In the next round of homeland security meet, the two countries are expected to sign an MoU to share real-time intelligence on terror financing and source of materials used in counterfeiting.
In a move that can throttle ISI's (Inter Service Intelligence) counterfeit currency business, India and US are set to ink a crucial agreement that would declare counterfeiting of currency as the instrument for destabilising the monetary and financial stability of a country.
Indian agencies have strong evidence to suggest that ISI has been manufacturing fake Indian currency notes (FICN) in Rs1000 and Rs500 denominations and pumping them through Nepal, Bangladesh, Thailand and Dubai routes for terror financing. According to sources, to make this high risk business lucrative, the ISI is supplying FICN @ of Rs300-500 per Rs1000.
In the next round of homeland security meet, the two countries are expected to sign an MoU to share real-time intelligence on terror financing and source of materials used in counterfeiting.
"Both India and US are in agreement that the huge profits derived out of this criminal activity pose AML (anti-money laundering) and CFT (combating the financing of terrorism) risks," said sources.
The meet will also consider bringing all currency material manufacturers (CMM) in world under certain safeguards, standards and obligations on a reciprocal basis between India and US so that they cannot be instrumental in supplying same currency material - paper, ink or other intricate design to any other country, sources said.
Under the proposed definition of default under the MoU, any CMM associated with sale, manufacture and trade of currency printing machine, equipment, services and consumables like paper and ink, would be blacklisted by both countries if found to be involved in a) supplying machine, material of services to a country or entity known to be printing counterfeit currency; b) violating Indo-US code of conduct on sourcing of its production processes and materials from identified countries and c) maintaining excess inventory of raw material than required.
Besides, the two countries are also expected to sign an agreement for exchange of terrorist screening information between Terrorist Screening Centre (TCS) of USA and Intelligence Bureau (IB) of India.
TCS, under FBI, consolidates several terrorist watch lists maintained by different US agencies into a single Terrorist Screening Data base for identifying those known or reasonably suspected of being involved in terrorist activity. The data base includes name, nationality, date of birth, photos, finger prints and passport number etc.
But before signing the agreement, on IB's insistence, India wants to settle privacy issues and also wants to secure from the US side progress in areas of concern in counter terrorism to the Indian side, such as access to internet related data held by US based servers.
A sub committee under Multi-Agency Centre (MAC) of the IB, having representatives of R&AW, CBI and NIA, has recommended that to begin with only information on Red Corner Notices (RCN) may be shared with the TCS and later, in addition, the sub committee may scrutinize names of other wanted criminals and terrorists and decide if they should be shared with the TCS or not, sources said.
"If this system works properly on equal footing, it would be very beneficial for us to get quick information on possible fugitives and terrorists and also crucial leads on terrorists who use internet services to plan terror strikes," said sources
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