B’desh replaces Pakistan as hub of fake Indian currency

TO MATCH THE PAPER USED BY INDIA, BANGLADESHI SYNDICATES HAVE STARTED USING PAPER SMUGGLED FROM SAUDI ARABIA AND MALAYSIA

Gujarat, West Bengal, Assam and Meghalaya.

While 11 frontiers have witnessed almost a lull in the seizure of fake notes, known formally as FICN (Fake Indian Currency Notes), two frontiers in Assam and West Bengal have seen a spike since January 2017.

Also, the value of fake notes seized by the BSF in the first six months of 2017 (~32 lakh) is lower than that in 2016 when the FICN mainly comprised ~1,000 and ~500 denominations. It was ~2.6 crore from Guwahati and south Bengal frontiers in 2015 and around ~1.5 crore in 2016.

Intelligence inputs received by the BSF suggest that while fake note syndicates have not made any major “infrastructural investments” since demonetisation, they are again attempting to gain foothold in India.

An official source said that to match the paper used by India to manufacture new ~2,000 notes, Bangladeshi syndicates have started using paper smuggled from Saudi Arabia and Malaysia.

“The paper coming from Saudi Arabia and Malaysia comes very close to the consistency of the new ~2,000 note,” said the official.

The two frontiers — south Bengal and Guwahati — have witnessed an increase in seizures of fake currencies since January this year although the volume tapered during monsoon as the flow of rivers is very high, making it risky for FICN smugglers.

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