New threat to economy

An important component of late General Zia’s brainchild ‘Operation Topac’ was of destabilizing India’s economy. He had laid stress on low key muscle power intervention but increased role of subversion through softer and rather imperceptible methods. After his exit from the scene resulting from an air crash, the facts of which were never divulged by Pakistani authorities, his cronies meticulously carried forward his plans of inflicting “a thousands cuts on the body of India.” The city of Mumbai, known as India’s financial hub, has been targeted for bomb attacks, subversion and mafia activities. Attack on Mumbai Stock Exchange was part of the subversive plans and so was the 26/11. To say that the underworld operatives of Pakistan’s anti-India campaign have been contained is misleading and self-delusion. It is something that serves the interests of our enemies.
Smuggling of counterfeit currency into India is part of the conspiracy of destabilizing economy. This new threat to our economy surfaced a couple of years back. In the beginning the government took it as an isolated attempt and remained content with only instructing the banks of returning fake five hundred rupee notes to the Reserve Bank to be replaced by genuine currency.  General instructions were conveyed to the banks to give perfunctory training to their staff of how to identify a fake currency note. But the fact is that the government and especially the finance ministry did not take as stringent measures as were desirable to stonewall this subversive activity.  The net result is that now it has proliferated so wide and deep that our financial authorities have no reservations in proclaiming that fake currency is posing a serious threat to our financial health.
Addressing a seminar on “Curbing Counterfeiting and Smuggling-An imperative for Indian Economy” organized by Federation of Indian Chamber of Commerce and Industry (FICCI) and Committee against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE), in collaboration with Kashmir Chambers of Commerce and Industry (KCCI) in Srinagar, Governor N. N. Vohra minced no words and asserted that counterfeiting was posing a major challenge to the country. He said it has become another weapon for countries to destabilize their enemies.  From what is being reported by the media from time to time, and to which the Governor has alluded in no ambiguous words, is that counterfeiting currency and making it widespread in the country has posed serious threat to our economy and remedial measures need to be taken without loss of time. Fake Indian currency notes are being printed and supplied to conduits that pass them on to militants active in Kashmir and other parts of the country. The Governor made the point that smuggling, fake currency, black money and hawala transactions are utilized by organized militant groups and mafia networks to foster illegal trade in arms and drugs and fund militant activities in India. He said Jammu and Kashmir has already faced serious problems because of this. It will be reminded that even in one or two cases of cross line trade along he Chakan da Bagh border crossing in Poonch, traders with fake Indian currency notes were apprehended by the security personnel. This shows that there are organized plans with organizations in Pakistan to make assaults on Indians financial stability. New Delhi cannot push the matter as vigorously as it should be with the authorities in Pakistan for various reasons. First that given the denial culture of Pakistan’s India policy, Islamabad will straightaway deny to have any role or knowledge about counterfeiting Indian currency. And those in Pakistan who are carrying on the subversion in India are part and parcel of that country’s establishment. India should provide convincing proof to Pakistan authorities conforming the fact that the fake currency is being manufactured in their country and subsequently sent to India through various modes. Therefore, the Governor is right in suggesting that the Reserve Bank of India should also further work out some strongest mechanism to check the counterfeiting of currency. In the same manner counterfeiting goods as made in Kashmir is another part of the menace with which the state will have to deal.

Follow our WhatsApp channel