India has made a forceful representation in the Financial Action Task Force (FATF), a global inter-governmental body, for including printing and distribution of counterfeit currency as an act terror financing.
To thwart Pakistani designs of destabilising Indian economy through routing of Fake Indian Currency Notes (FICN), India has made a forceful representation in the Financial Action Task Force (FATF), a global inter-governmental body, for including printing and distribution of counterfeit currency as an act terror financing.
Currently, dealings in counterfeit currency have been listed as an organised crime by the FATF.
In a meeting of the forum in October, India will present an exhaustive paper to support its claim by elaborating how Pakistan’s ISI is pumping counterfeit currency in India in the denominations of Rs500 and Rs1,000 for terror funding and at the same time hit the economy. The paper is currently being prepared by the Finance Ministry with the help of various agencies including financial intelligence unit, IB and RAW.
“We have already briefed the FATF about the serious of the issue with the request to put it on the agenda for discussion in October meeting.
A policy change would help us to build international pressure on Pakistan to stop its nefarious activity,” said a senior government official adding that it may also impel the World Bank and International Monetary Fund to stop extending loans and grants to Pakistan.
The FATF consisting mainly of developed nations develops and promotes policies to combat money laundering and terrorist financing. India joined as its 36th member state last year. The other member countries from Asia are Japan, South Korea and Hong Kong, China.
Busting of an inter-state racket recently, and discovery of FICN in Malaysia, has revealed that fake Indian currency is being printed on Pakistani printing machines and one the same paper which is being supplied to Pakistan.
“The sabotage activity is not limited to non state actors, we have enough evidence to suggest that Pakistan state itself is actively involved in it,” said a top government functionary.
“The difference was in the paper which was the currency paper used in printing Pakistan currency,” said sources.
Officials said the printing is done privately by the ISI on German manufactured printing press located in Quetta in Balochistan. Each of these machines costs anything between Rs14 crore to Rs21 crore.
Indian authorities claim that fake currency worth more than Rs1, 000 crore is pumped and circulated in the Indian economy through various channels every year, although official estimates show only about Rs100 crore as fake currency.
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