Pakistan was printing fake Indian currency at its government press in Punjab and Balochistan province.
Pakistan's multi crore fake Indian currency network (FICN) has been dealt a body blow by prime minister Narendra Modi's decision to demonetise Rs 500 and Rs 1000 notes, according to top officials dealing with curbing the cancer of FICN.
Pakistan was printing fake Indian currency at its government press in Punjab and Balochistan province. The Directorate of Revenue Intelligence, Research and Analysis Wing and other intelligence agencies had exposed Pakistan government acquiring ink and paper far in excess of requirement to print Pakistani currency. Yet little was done to effectively nail Pakistan earlier, sources said.
"Nobody had the guts and moral courage to nail the widespread fake Indian currency racket since the abyss of corruption was very deep. PM Modi has taken the bull by the horns and by demonetizing big currency notes all anti-India forces lose,'' Vikram Singh, former Director General of Uttar Pradesh Police told India Today.
Intelligence agencies have documented Pakistan acquiring the printing press illegally and then purchasing ink in excess from Frankfurt in Germany and from Switzerland. Pakistan also procured currency printing paper far in excess of its requirement to print fake Indian currency. "In fact Pakistan is printing more (fake) Indian currency than its own currency,'' Dr Nirmal Singh, deputy chief minister of J&K said complimenting the prime minister for his bold decision.
"Our investigations revealed Habib Bank of Pakistan used branches of a local bank in Nepal along the India-Nepal border to push illegally printed currency into India. A local Indian bank also came under investigations but repeated investigations into its operations were detailed,'' sources added. This indicated the depth to which corruption had seeped.
"But the prime minister's move has crippled this entire nexus. The currency notes they may be holding is now not even worth its
weight in paper. The hawala operations have also been crippled. Similarly now all the large denomination Indian currency separatists, terrorists and over ground workers of terrorist organizations are holding - is worthless. Their money power has been destroyed,'' sources added.
The National Investigation Agency (NIA) had put the fake currency through forensic tests and in a report to the MHA submitted that: " The forensic examination of
samples by Security Printing and Minting Corporation of India Limited concludes that FICN were manufactured at regular currency making machines owned by a sovereign government. And observed that some of the pivotal parameters of the FICN and Pakistan currency notes bear similar value.. the forensic evidence coupled with field investigation establishes the role of Pakistan in the manufacture of FICN.''
Pakistan used a complex web of couriers, banks and even diplomatic courier to flood the Indian market with fake currency. "Pakistan realised it could not destabilise an economy India's size but it used fake currency to fund terror in Jammu and Kashmir and Indian Mujahideen modules in several parts of the country including Maharashtra and Gujarat, Karnataka, Kerala, Andhra Pradesh, Bengal and Bihar. Money was routed through Nepal, Bangladesh, Dubai, Thailand and recently even parts of China. By demonetizing the Rs 500 and Rs 1000 notes the entire network has been destroyed,'' sources added.