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Demonetisation hits fake currency trade on Indo-B’desh border

By Newsd
Updated on :
Source: PTI

With government’s decision to scrap Rs 500 and Rs 1000 currency, the Fake Indian Currency Notes (FICN) trade across the border with Bangladesh has taken a huge hit in the last two days.
Activity of the FICN traders operating in the border areas has been negligible in the last two days, according to BSF and state police officials,
“With the demonetisation of Rs 500 and Rs 1,000 notes, the FICN trade has taken a hit in this region. The FICN traders use these high value notes for their trade. We hope that they will be lying low for the next few months,” a BSF official said.
Since January the BSF seized FICN of the value of Rs 1,35,90,500 along with the arrest of 18 racketeers.
In 2015, the BSF’s South Bengal Frontier seized Rs 2,60,82,000 worth of FICN and apprehended 24 racketeers.
According to security officials, the FICN trade is the financial “lifeline of terror modules” working in India.
“As there is heavy security in the border areas in the western sector, the eastern sector for the last several years has emerged as the hub of terror groups and a transit point for terror and FICN trade. The demonetisation will at least put a brake on the illegal trade,” an IB official told PTI.