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| Fake currency worth 5000-7000 crores in J&K markets | | | Early Times Report
Jammu Dec 5- The enforcement directorate has unearthed a nefarious network of some bank officials working in the Valley who have been providing financial support to militancy. Sources tell Early Times the discovery could be just the tip of the ice-berg.
One of the arrested bank managers has confessed before the sleuths of the NIA’s anti-militancy funding wing that he had been providing genuine currency notes to the militants in north Kashmir Baramulla and Kupwara districts in exchange for fake ones which he used to steadily circulate through cash counters and ATM machines of the bank.
Circulation of fake currency notes is nothing new in the state of Jammu and Kashmir. Hundreds of times such currency notes have been discovered by people in packets they had withdrawn from the banks. Other times, some conscientious bank cashier would discover these fake notes on the counter when they were being deposited in some account. Under the law of the land, the possession of a fake currency note is a cognizable crime upon whose discovery the police do not need a complainant to proceed against the involved person/persons.
A modest estimate has put the quantum of fake currency notes presently in circulation in the state at anywhere between Rs. 5000 to 7000 crores. Mostly the fake currency notes in circulation in the markets are in the denominations of Rs.500 and Rs. 1000 notes. Very few Rs.100 fake notes are in circulation in the state. While on majority of occasions it is not very difficult even for the common man to tell a fake currency note apart from the genuine one, sometimes the forgery is so perfect that even an expert gets confused while telling a fake currency note apart from the genuine one. The enforcement directorate, as per sources, has also recovered many fake currency notes which vary from an average crude forgery to a near perfect one. It is believed that while the crudely forged fake currency notes are prepared by various militant organizations at their own level across the borders, the near perfect ones are those which have been printed most likely at the currency printing presses across the borders. Such fake notes are believed to be part of the terror apparatus that is still in tact across the border. The circulation of these fake currency notes does not only support militant funding in the state. It also deals a serious blow to the economy of the state and the country as a whole. By pumping fake currency notes into the state’s markets, the very control on demand and supply of currency in the country is seriously affected. Unless the menace is checked and stopped immediately the worst case scenario could be that children would buy an ice-cream cone at Rs.1000 as bona fide currency would lose its value because of the creation of a parallel economy run on fake currency notes.
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