There is absolutely no denying the fact that an atmosphere of chaos and unrest is apparently visible after the announcement of demonetizing Rs. 500 and Rs. 1,000 currency notes by the Modi govt.
However, a lot of good things are expected from this big decision and one of these is that the market of fake notes will be wiped off completely!
Yes! The new notes of Rs 500 & Rs 2,000 are properly examined by intelligence agencies which have claimed that for some time, organized criminal networks along with Pakistan would find it quite difficult or even impossible to duplicate new notes due to good security features.
According to a top govt. officer, DRI, Intelligence Bureau and Research and Analysis Wing observed and analyzed security features of new notes which have been printed confidentially and secretly for last 6 months. Even though the officer didn’t disclose how many security features are there but revealed that these features are not easy to be forged.
It was previously informed to RBI as well as the govt. by intelligence community that there’s a dedicated mint in Pakistan’s Peshawar which prints fakes notes of Indian currency, largely in the denomination of Rs 500 & Rs 1,000.
The mint is supervised and watched over by ISI, the intelligence agency of Pak. ISI makes use of organized networks including the ones LeT and Dawood Ibrahim run, in addition to international criminal networks for pushing fake notes in India.
Several years ago, intelligence agencies reported to RBI and the govt., claiming that machinery of Pak had “zero-error counterfeit capability” as far as printing of fake Indian currency was concerned.
As per estimation, fake Indian currency notes worth Rs 70 crores are pushed by Pak into the economy of our country each year, to be utilized as “terror fund” and for giving rise to turbulence.
According to Kiren Rijiju, Minister of State for Home Affairs, this move will result in the closing of “press” which prints fake currency in Pak.
A PIL is filed in the Supreme Court which challenges the decision of Modi govt. of demonetizing Rs. 500 and Rs. 1,000 currency notes. As per the petition,
“The PM’s announcement has come to thwart away the black money, fake currency and terrorism; but at the same time, this economic crisis created at the cost of lives of 1.25 billion Indians, cannot be termed less than ‘economic terrorism’ in the lives of aam aadmi.”
Every decision has it pros and cons; hopefully this decision will have a good effect on the country’s economy but it will also bring some problems in the short run. It will be good for us to face problems now if we want a bright future.
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