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Financial terrorism raises its ugly head
RBI has sent a circular to State Bank of India (SBI) and Canara Bank in Salem after detecting 25 Pakistan-made fake notes of Rs100 denomination.
Updated : Nov 19, 2013, 11:17 PM IST
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CHENNAI: Pakistan-sponsored “financial terrorism” appears to be taking roots in the south, with Reserve Bank of India (RBI) confirming the presence of Pakistan-printed fake Indian currency notes (FICNs) in Salem, Tamil Nadu.
RBI has sent a circular to State Bank of India (SBI) and Canara Bank in Salem after detecting 25 Pakistan-made fake notes of Rs100 denomination in two batches of soiled notes they sent for replacement.
In early October, DNA had carried a report on specific intelligence inputs on Pakistan-printed FICNs headed for the southern states. The intelligence report said fake notes, mostly in denominations of Rs1,000 and Rs500, would be extremely difficult to differentiate, since Pakistan and India are procuring paper for currency printing from the same supplier in London.
Highly-placed sources in the directorate of revenue intelligence (DRI) said the presence of fake notes of Rs100 denomination suggests resumption of smuggling through the land route.
“While notes of higher denomination are preferred by smugglers taking the aerial route, lower denomination notes are preferred by those crossing borders by land. Though the quantity of such consignments will be large, their distribution is easier, since a Rs100 note is passed without much scrutiny,” said a source.
An intelligence source said a woman and her son were arrested last week with FICNs after they crossed over to the Indian side on a train from Lahore to Wagah. Details of the consignment were not immediately available. “We also have information that large quantities of FICNs are being sent from across the border to Rajasthan on camelbacks,” the source added.
“We have no idea about the quantum of FICNs being pumped in. The only way to make a scientific guess would be to compare the total sale of currency paper by the London supplier to Pakistan and the actual number of Pakistani notes in circulation. But that won’t be enough to build a case against Pakistan on an international forum,” an official said.
