We say well done to Special Operations Group (SOG) for nabbing one Rauf Ahmad Lachoo, a cloth merchant of Anantnag at Jammu Railway Station carrying Fake Indian Currency Notes (FICN) to the tune of 7 lakh rupees. Since many years Pakistani saboteurs closely linked to ISI operatives have been pushing fake Indian currency notes into our markets through their local conduits. What is new about Lachoo case is that he has been carrying fake currency notes sent through hawala, a double perfidy.
Many terrorists and infiltrators nabbed by our security forces and interrogated by police authorities in the past have revealed stunning stories of ISI trying to destabilize our economy by sending in fake Indian currency notes through conduits or hawala and then pushing these into our markets. Central Bureau of Investigation (CBI) citing the Naik Committee had estimated the number of fake currency notes in circulation in the country at 61,000 million pieces valued at Rs. 1,69,000 crores till the year 2000. A think tank report estimates that till 2006, FICN worth INR 50 to 80 million was pumped into the country from Pakistan per annum. From 2007, however, the amount has increased to INR 120 to 130 million. Total seizures by the police and reported interceptions in the circulatory system (banks, etc) of FICN in India now exceed Rs.10 crores. But these estimates are considered far below than the actual by more specialized researchers. Looking at CBI statistics for seizures and using a multiple of that, one estimate is that INR 200-300 crores are in circulation. There may be another INR 500-1200 crores which are used in the underground economy, which is not in circulation. Thus a total of INR 700-1500 crores of counterfeit currency has been created. Anecdotal evidence from other countries also suggests a median figure of 700-1500 crores. On 5th August, The Economic Times reported that according to the figures disclosed by the Government in the Upper House recently, 7.34 lakh of Rs 100 notes, 5.76 lakh of Rs 500 notes and 1.09 lakh of Rs 1000 notes, all fake, had been seized during the 2006-09 period
In our country, impacted by the largest number of externally sponsored terrorist attacks for two decades and half, FICN have long been seen as the source of terror funding. Kashmir Valley, stricken by terrorism, has one of the highest per capita car population in India. Land prices and construction in the Kashmir Valley are at an all time high. Income per capita and spending capacity among the people in the Valley are the highest in the country. For induction of fake currency, the usual suspect is Pakistan. Where in Pakistan is this getting printed? Security press at Malir Cantonment in Karachi, printing facilities in Quetta, Baluchistan and also security presses in Lahore and Peshawar are mentioned. Reports points out Europe, where most of the security press companies are located has also become a source for printing fake notes.
At the same time, ISI and its affiliates are finding new routes for inducting FICN. Nepal is at the top of the list from where FICN are maximally smuggled. Bangladesh, Vietnam and Sri Lanka are the new additions to the smuggling routes. A good number of Kashmiris are under the radar of security agencies but there are others as well from other parts of the country. A wide network of smugglers of fake currency has been at work since many years. Fingers are also pointed towards the Home and Finance Ministries of the Union Government for serious laxity in observing desk book rules of security of Indian currency at various levels. From the statistics gathered by independent agencies on the subject, what has been revealed so far, whether in Kashmir or outside the State, is only the tip of the iceberg. Political dimensions of the story of faking Indian currency notes would be an interesting subject for research and annotations. All that we can say is that unless the Government tightens the noose the menace of smuggling fake currency notes may continue to very adversely damage our economic system. It is not enough to raise the finger towards ISI or just to pick up a smuggler here or there when caught red handed. The malaise is much deeper and the more its proper effective treatment is delayed the more is the chance for our adversaries to inflict deeper financial and economic damages to us.
It is also important to note that those nabbed for alleged involvement in smuggling and distributing fake currency are not given any quarter. The lead to the origin of this perfidy has to be tracked and culprits have to be brought to book. So far nothing is known how the alleged persons in fake currency episodes have been dealt with by law enforcing agencies. The nation should be informed of each case that has come to light and the result of prosecution that has taken place. It should not remain an unexposed mystery.
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