Demonetisation has paralysed fake currency trade, unsure about terror fund: ATS Chief

Whether demonetisation would be a successful tool to eradicate black money from India in next few months is difficult to predict, but the entire drive has significantly impacted on the flow of fake currency in the country.

ATS Chief Atul Kulkarni, while talking to Indiatoday.in confirmed that demonetisation has crippled the Fake Indian Currency Notes (FICN) business in the state. He said, "It would not be wrong to say that demonetisation drive has broken the backbone of FICN smuggling in Mumbai and Maharashtra."

ATS Chief believes that at least for next 6 months, he is not expecting any fresh incident of FICN smuggling in Maharashtra, "unless the neighboring countries manufacturers the fake copy of Rs 500 and Rs 2000 notes and circulates in Indian market.

Last week, Union Minister Kiren Rijiju had said that fake indian currency notes worth around Rs 400 crore were in circulation in the country and smuggling of such notes from Pakistan, Bangladesh and Nepal has stopped.

Till June 2016, fake notes worth Rs 12.35 crore were seized by the security agencies. Whereas, in 2015, counterfeit notes of around Rs 34.99 crore were seized. In 2014 and 2013, fake notes amounting to Rs 36.11 crore and Rs 42.90 crore were seized, respectively.

HAS DEMONETISATION EFFECTIVELY CURBED TERROR FUND ?

But that is not the case with terror fund, which is primarily the main task before ATS. ATS is "unsure" whether demonetisation has reduced or halted the terror fund in the state.

"We need to wait and watch the movement of terror fund and related links, at least for next two months before coming to any conclusion," Kulkarni said.

ATS suspects that despite it looks like hawala transactions has come to a halt after demonetisation, "there are some movements by hawala operators in the domestic market, dealing in foreign currencies." Data available with Central Government says, an estimated Rs 800 crore terror funding is done in India.

READ: Jaitley, Sharad Yadav exchange banter over demonetisation in Rajya Sabha

As per the sources, terrorist organisations and underworld has moved on to new currencies like; Dollar and Euro, for its regular activities. "Those gang members of D-Company and others, involved in criminal activities which are linked with Indian rupees, than they would definitely face huge losses in India. But that may not be the real picture", Kulkarni said.

A source close to D-Company told Indiatoday.in that demonetisation has not affected Dawood's operation in India, to large extent. "In earlier days, D-Company was into such business which was giving profits in rupees, but now seeing the new marketplace, the entire operation is done in dollars, euros and other foreign currencies", the source said.

ATS is quite confident to tap terror fund even if it comes through the digital (online) route. "With the support of Cyber Cell of Mumbai Police, our special cybercrime team has been equipped with all state-of-art technology in hand to check the incoming financial flow and to catch the online criminals with equal speed", Kulkarni pointed out.

As of now, ATS claims to have no specific alerts or warning on any terror plan in Mumbai or Maharashtra. READ | PM Modi attends Lok Sabha, does not speak; both Houses adjourned after ruckus