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Friday, Aug 19, 2005

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Fake currency: CBI chief expresses serious concern

Special Correspondent

61,000 million fake pieces valued at Rs. 1,69,000 crores in circulation

NEW DELHI: Expressing serious concern over the growing menace of fake currency, Central Bureau of Investigation (CBI) Director U.S. Misra on Thursday said 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.

He said that such a huge gap in estimated circulation and seizures offered serious challenge to the law enforcement agencies. He said that more than the high magnitude of circulation of fake Indian currency notes was the impact of the crime on society, which was more disturbing.

"Intelligence inputs and evidence from the investigations have revealed that organised international group of criminals based abroad, particularly in our neighbourhood, have of late taken up the activities of printing and circulation of fake Indian currency notes with a view to financing terrorists, trafficking of drugs, smuggling in arms and explosives for the purpose of destabilising the economy of the country," Mr. Misra said.

He pointed out that information obtained from different sources suggest that Pakistan based racketeers were pushing fake currency into India through a wide network of their associates based in Thailand, Nepal, Bangladesh, Dubai. The situation calls for upgradation of competencies, forensic techniques, and free exchange of information and evaluating a joint strategy to tackle the crime, he said.

Cooperation sought

The CBI chief sought the cooperation of State governments, Central police organisations, Intelligence agencies and the Reserve Bank of India in efforts to curb the menace of circulation of fake currency notes.

Inaugurating a workshop on fake currency scenario in the country, Mr. Misra said that cooperation could be in the form of collection of criminal intelligence and apprehension of the accused.

He regretted that unlike in some of the developing countries, India did not have the concept of federal offence, therefore the CBI could not take up any case suo motu.

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