Smuggling of Fake Indian currency notes from Pakistan stopped after demonetisation: Kiren Rijiju

Fake Indian currency notes (FICN) worth around Rs 400 crore are in circulation in the country at any given point of time and smuggling of such notes from Pakistan, Bangladesh and Nepal has completely stopped after the demonetisation announcement, Union minister Kiren Rijiju on Friday said.

“Smuggling of FICN from three international borders - Pakistan, Bangladesh and Nepal - has completely halted after the announcement of Prime Minister Narendra Modi,” he told reporters here.

The Minister of State for Home said at any given point of time, fake notes valued around Rs 400 crore are in circulation in the country.

He said annually counterfeit notes worth Rs 70 crore are infused in the country. Proceeds of illegal sale of drugs, opium, arms etc. have also been completely stopped, Rijiju said, adding hawala transaction is also badly hit.

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Fake notes worth Rs 12.35 crore were seized by the security agencies till June. In 2015, counterfeit notes worth Rs 34.99 crore were seized while in 2014, the value was Rs 36.11 crore and in 2013 it was Rs 42.90 crore.

An estimated Rs 700-Rs 800 crore terror funding is done in India out of which Rs 300-Rs 400 crore are being used by Naxals annually, Rs 20-Rs 30 crore by Kashmiri separatists and Rs 350-Rs 400 crore by insurgents in the northeast.

Meanwhile, official sources said there are around Rs 40,000 crore black money in circulation in the country and these funds were also badly hit by the demonetisation of old Rs 1000 and Rs 500 notes.

The total currency in circulation in the country as on September was Rs 17,00,000 crore, sources said.